Marubeni Urban Development and Sogo Housing To Jointly Develop Two Rental Apartment Projects in Mejiro and Akabane

Marubeni Urban Development, a subsidiary of Dai-Ichi Life Marubeni Real Estate, and Sogo Housing will jointly develop the Mejiro 4-Chome Rental Apartment Project and the Akabane Minami 1-Chome Rental Apartment Project. Both projects are planned on land owned by the two companies and will involve replacing existing buildings owned by Dai-ichi Life Insurance.

The planned site for the Mejiro 4-Chome Rental Apartment Project is located along Mejiro-dori Avenue, a 12-minute walk from Mejiro Station. The project is planned as a 10-story building with 18 units, with completion scheduled for June 2028. The planned site for the Akabane Minami 1-Chome Rental Apartment Project is located four minutes southeast on foot from Akabane Station. The project is planned as an eight-story building with 40 units, with completion scheduled for August 2028.

Within a 10-minute walk of the two stations, average asking rents for rental apartments have increased over the past four years. Around Mejiro Station, asking rents rose approximately 21%, from about JPY 13,500 per tsubo to about JPY 16,300 per tsubo. Around Akabane Station, asking rents rose approximately 16%, from about JPY 12,400 per tsubo to about JPY 14,400 per tsubo, according to a survey by the editorial team based on estie Residential Research.

The projects represent an initiative in which existing real estate held by the Dai-Ichi Life Group will be replaced with rental apartments by a group development company, aiming to capture strong rental housing demand in highly convenient areas of Tokyo.

Key Facts

• Developer: Marubeni Urban Development Co., Ltd.; Sogo Housing Co., Ltd.
• Property Name: Mejiro 4-Chome Rental Apartment Project
• • Location: 4-27-7 Shimo-Ochiai, Shinjuku Ward, Tokyo
  • Nearest Stations: 9-minute walk from Shiinamachi Station on the Seibu Ikebukuro Line; 12-minute walk from Mejiro Station on the JR Yamanote Line
  • Completion: June 2028, scheduled
  • Structure / Number of Floors: Reinforced concrete; 10F
  • Total Units: 18
  • Design: Moving Archi Inc.
• Property Name: Akabane Minami 1-Chome Rental Apartment Project
• • Location: 1 Akabane Minami 1-chome, Kita Ward, Tokyo
  • Nearest Station: 4-minute walk from Akabane Station on the JR Keihin-Tohoku Line, Shonan-Shinjuku Line and Tohoku Main Line
  • Completion: August 2028, scheduled
  • Structure / Number of Floors: Reinforced concrete; 8F
  • Total Units: 40
  • Design: Fuko-Sha Inc.