CapitaLand Ascott Trust Acquires Three Multifamily Properties in Hiratsuka, Kanagawa

CapitaLand Ascott Trust (CLAS) acquired three multifamily rental housing properties in Hiratsuka City, Kanagawa Prefecture, in February 2026 for a total of JPY 4.6 billion. The seller was Patience Capital Group. All three are relatively new assets (2–4 years old), with average occupancy above 95% and an average lease term of about two years, providing a stable income base. The pro forma NOI yield is 4.1% on an FY2025 basis.

The three properties are located along the Sagami Bay coastline and within walking distance of the nearest stations. They offer access of roughly 30 minutes by train to Yokohama Station and about 60 minutes to central Tokyo. “Lime Residence Hiratsuka West” is an 11-story, 115-unit building completed in 2023; “Lime Residence Hiratsuka East” is a 10-story, 63-unit building completed in 2022; and “Live Casa Hiratsuka” is a 10-story, 55-unit building completed in 2024—forming a 233-unit portfolio in total.

CLAS is a listed REIT under CapitaLand. As of the end of December 2025, its assets under management totaled SGD 8.9 billion (approximately JPY 980.0 billion). With this acquisition, living-sector assets (including multifamily rental housing) account for 17.5% of the portfolio, as CLAS continues to build toward its mid-term target of 25–30%. In August 2025, CLAS acquired three multifamily properties in Kyoto and Osaka for JPY 4.0 billion, accelerating its multifamily investment in Japan. In October 2025, it sold “Citadines Central Shinjuku Tokyo” for approximately JPY 25.0 billion and plans to reinvest proceeds from hospitality disposals into the living sector.

Overseas investor activity in Japan’s multifamily market continues to expand. According to JLL, overseas investors accounted for 39% of Japan real estate investment in 2025—exceeding 2007 levels. With limited demand volatility and the potential for stable income, multifamily is increasingly favored as an alternative to hotels.

Key Facts

• Buyer: CapitaLand Ascott Trust

• Seller: Patience Capital Group

• Purchase Price: JPY 4.6 billion (SGD 383 million)

• NOI Yield: 4.1% (FY2025 pro forma basis)

• Lime Residence Hiratsuka West

  • Address: 12-22 Nishiki-cho, Hiratsuka City, Kanagawa Prefecture

  • Nearest Station: 6-minute walk from Hiratsuka Station (JR Tokaido Main Line)

  • Completion: November 2023

  • Number of Floors: 11F / B0

  • Leasable Area: approx. 869 tsubo (approx. 30,922 sq. ft.)

  • Units: 115

• Lime Residence Hiratsuka East

  • Address: 10-24 Takara-cho, Hiratsuka City, Kanagawa Prefecture

  • Nearest Station: 5-minute walk from Hiratsuka Station (JR Tokaido Main Line)

  • Completion: November 2022

  • Number of Floors: 10F / B0

  • Leasable Area: approx. 436 tsubo (approx. 15,514 sq. ft.)

  • Units: 63

• Live Casa Hiratsuka

  • Address: 3-1 Akashi-cho, Hiratsuka City, Kanagawa Prefecture

  • Nearest Station: 7-minute walk from Hiratsuka Station (JR Tokaido Main Line)

  • Completion: March 2024

  • Number of Floors: 10F / B0

  • Leasable Area: approx. 404 tsubo (approx. 14,376 sq. ft.)

  • Units: 55