Visionary Homes—No. 87 on the 2024 Builder 100—announced Japan-based Misawa Homes Co. has acquired 51% of the company.
As an established private home builder in Utah, Visionary Homes’ strong market share and brand positioning made this new partnership attractive for Misawa's expansion aspirations in the U.S., according to the company.
“The Misawa partnership provides a wonderful opportunity for the future of the company. We started as a small custom home builder that was completing only a handful of homes per year,” says Jeff Jackson, founder and CEO of Visionary Homes. “Reflecting on two decades of planned growth across the state, coupled with the dedication of our team members, makes this strategic partnership a cornerstone that will fortify our position as a premier builder in Utah and paves the way for our expansion into neighboring markets.”
Founded in 2004, Visionary Homes currently builds from Logan to St. George. The builder has 30 active communities that serve both first- and second-time home buyers.
Visionary has strategically adjusted its product mix to not only include single-family homes, but also townhomes and condo communities. In 2022, the share of multifamily housing in the company's total sales of 804 units reached 40%.
“Visionary Homes looks forward to leveraging the Misawa partnership to grow, explore new technologies and cutting-edge building practices cultivated in Japan, and collaborate on best practices shared among other builders in the portfolio,” reads the press announcement.
In 2018, Misawa Homes Group entered their first market outside of Japan by investing in Australian-based Homecorp Constructions. One year later, they entered the U.S. housing industry by acquiring an interest in Impression Homes, a Texas home builder ranked No. 84 on the 2024 Builder 100. The combined Misawa home sales of overseas business in these two countries amounted to $368.7 million in 2023, reports the company.
The investment in Visionary Homes is Misawa's first within the western U.S., which will support the parent firm's goals to accelerate the growth of its overseas housing portfolio reaching $497.5 million in fiscal 2024.
“Misawa Homes Co. aims to achieve substantial growth through the Visionary Homes partnership combined with other previously acquired home builders,” says the press release.
