Hulic Acquires U.S. Senior Housing Property “The Bellettini” in Washington State Through Joint Investment With MBK Real Estate

Hulic Co., Ltd. acquired a senior housing property, The Bellettini, located in Washington State, on January 6, 2026, through a joint investment with MBK Real Estate LLC (MRE), a U.S. subsidiary of Mitsui & Co., Ltd. This marks the fourth joint investment between Hulic and MRE as part of Hulic’s overseas expansion strategy focused on U.S. senior housing assets.

The property is located in Bellevue, an affluent residential suburb east of Seattle, Washington. Completed in 2007, the facility has a Gross Floor Area of approximately 7,890 tsubo (approx. 848,900 sq. ft.) and comprises 145 residential units. The asset is operated by MBK Senior Living LLC, a subsidiary of MRE, and is currently stably occupied.

In February 2024, Hulic established an overseas investment framework of up to JPY 50.0 billion, accelerating investments in U.S. senior housing. Against the backdrop of a shrinking domestic real estate market driven by Japan’s population decline, the company is targeting the U.S. market, where population growth is expected to continue. By the fiscal year ending December 2027, Hulic plans to invest JPY 150.0 billion in overseas businesses and scale the segment into a JPY 10.0 billion recurring profit business. Domestically, Hulic owns approximately 4,800 senior housing units, primarily in the Tokyo metropolitan area, and aims to leverage its accumulated operational know-how in overseas markets.

MRE serves as the core platform for Mitsui & Co., Ltd.’s U.S. real estate business, which has been developed since 1990. Through its subsidiary MBK Senior Living LLC, MRE operates senior living facilities primarily across the western United States, including California, Arizona, and Washington. As of April 2023, the platform manages approximately 4,200 units. Hulic intends to enhance asset value through collaboration with an experienced operator with a strong operating track record.

Key Facts

• Property Name: The Bellettini

• Buyer: Hulic Co., Ltd. (joint investment with MBK Real Estate LLC)

• Seller: Not disclosed

• Location: 1115 108th Ave NE, Bellevue, WA 98004, USA

• Completion: 2007

• Site Area: Approx. 1,636 tsubo (approx. 176,000 sq. ft.)

• Gross Floor Area: Approx. 7,890 tsubo (approx. 848,900 sq. ft.)

• Number of Units: 145

• Operator: MBK Senior Living LLC