JR West Real Estate & Development Acquires Rental Apartment in Yokohama's Tobe Area
JR West Real Estate & Development Company acquired The Residence Yokohama South, a rental apartment building in Tobehoncho, Nishi Ward, Yokohama, on June 30, 2026. The seller was List Development Co., Ltd.
Completed in 1987, the property is a 10-story building above ground comprising 96 residential units, 11 office units, and one retail unit. It is located a three-minute walk from "Tobe" Station on the Keikyu Main Line and a four-minute walk from "Takashimacho" Station on the Yokohama Municipal Subway Blue Line, with "Yokohama" Station also within walking distance.
The average asking rent for rental apartments within a five-minute walk of Tobe Station has risen 23% over the past five years, reaching approximately JPY 13,700 per tsubo as of the end of June 2026. In addition, based on population projections by the Ministry of Land, Infrastructure, Transport and Tourism, the population within a 500-meter radius of Tobe Station is expected to remain roughly at its current level through 2040 (estie Residential Research, editorial team analysis).
List Development had acquired the same property under the name "Will Terrace Yokohama South" in March 2024. The company had indicated a policy of pursuing value-add improvements through interior renovations, common area repairs, and leasing of vacant units. This sale comes approximately two years and three months after that acquisition.
JR West Real Estate & Development is pursuing acquisitions of income-producing real estate with the aim of building up liquid, stable, and growth-oriented assets. In the greater Tokyo area, the company has acquired rental apartments in Nerima, Toshima, Taito, and Minato wards since fiscal 2025, and this acquisition brings its total number of rental apartment buildings acquired in the greater Tokyo area to 18 (see related article: JR West Real Estate & Development Acquires Beneficial Interest in Orchid Residence Nerima-Kitamachi).
Key Facts
- Property Name: The Residence Yokohama South
- Buyer: JR West Real Estate & Development Company
- Seller: List Development Co., Ltd.
- Acquisition Date: June 30, 2026
- Location: 51-15 Tobehoncho, Nishi-ku, Yokohama-shi, Kanagawa
- Nearest Station(s): Keikyu Main Line “Tobe” Station (3 min walk) / Yokohama Municipal Subway Blue Line “Takashimacho” Station (4 min walk) / Sotetsu Main Line “Hiranumabashi” Station (8 min walk) / JR Lines “Yokohama” Station (12 min walk)
- Completion: October 1987
- Number of Floors: 10F (steel-reinforced concrete construction)
- Site Area: approximately 260 tsubo (approx. 9,300 sq. ft.) / Gross Floor Area: approximately 1,293 tsubo (approx. 46,000 sq. ft.)
- Use: 96 residential units / 11 office units / 1 retail unit
