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Japanese homebuilder Misawa to buy 51% stake in Texan peer Impression Homes

A unit of Japanese homebuilder Misawa Homes Co. Ltd. entered into an agreement to acquire 51% of Impression Homes LLC, with plans to purchase the rest of the North Texas-based homebuilder over time, The Dallas Morning News reported, citing Bruce Heikkinen, Impression Homes' president and co-founder.

The deal for the controlling interest marks Misawa's first foray in the U.S. Terms of the agreement with Misawa's U.S. subsidiary, Misawa Homes America Inc., were not disclosed.

Impression Homes expects to close about 580 house sales across over 24 U.S. communities in 2018, according to the report. The company controls 1,600 lots for construction and builds houses in communities stretching from McKinney to Weatherford in Texas.