Sumitomo Forestry Co.’s acquisition of Dallas-based JPI in late 2023 catapulted the Japanese firm into the top 10 of U.S. apartment developers. Serving as financial advisors on the $215-million acquisition was a team from Zelman, a Walker & Dunlop subsidiary. As Zelman’s Tony McGill, Senior Managing Director and Head of Investment Banking and Alex Virtue, Managing Director of Commercial Real Estate, told Connect CRE, the deal was built on the relationships that Zelman and Walker & Dunlop have established over time with both parties. However, it wasn’t without its complications. Here’s what they told us:
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