One of Charlotte’s biggest developers is being bought out by a Japan-based company

Charlotte-based Crescent Communities, one of the city’s oldest and most prominent developers, said Friday that it’s reached an agreement to be acquired by Sumitomo Forestry America, a subsidiary of a Japanese firm.

The deal will allow Crescent to increase its reach and eliminate its debt by bringing on a deep-pocketed new owner, while Sumitomo gains entry into the Southeast’s booming apartment and office markets, executives said. Crescent started construction on almost 2,200 new apartments in 2017, which Sumitomo will now own.