Japan Metropolitan Fund To Acquire Higashiyodogawa Rental Housing for JPY 734 Million
Japan Metropolitan Fund Investment Corp. announced on Aug. 26, 2026, that it will acquire JMF Residence Osaka Awaji (current name: Luxe Awaji), a rental apartment building in Sugawara 2-chome, Higashiyodogawa Ward, Osaka. The planned acquisition price is JPY 734 million, and the seller is Godo Kaisha Rapport2, a special purpose company. The purchase and sale agreement was signed the same day, with the acquisition scheduled for Aug. 31.
Completed in 2016, the 10-story building comprises 54 one-room (1K) units. It is a 15-minute walk from JR Awaji Station on the JR Osaka Higashi Line, with strong access to central Osaka including Osaka and Kyobashi stations. Occupancy was 100% as of the end of June 2026, and the appraisal NOI yield on the planned acquisition price is 5.3%.
The average asking rent for 1K rental apartments within a 15-minute walk of JR Awaji Station has risen approximately 27% over the past three years, indicating firm demand for rental housing aimed at single occupants (compiled by the editorial team based on estie Residential Research).
Godo Kaisha Rapport2 acquired the property in December 2023, and the REIT had invested in it indirectly through a silent partnership interest in the SPC. During the SPC's holding period, the average rent per tsubo rose 10.0%, from about JPY 8,000 to about JPY 8,800, and the yield climbed from 3.9% to 4.6%. The highest rent contracted recently exceeded JPY 10,000 per tsubo, and the REIT plans to raise rents through renewals and tenant turnover, aiming to lift the NOI yield to around 5.4% over the long term. It is also considering capturing a capital return through a future sale.
With this acquisition, Godo Kaisha Rapport2 will have completed the sale of all of its properties, and the silent partnership interests held by the REIT are scheduled to be redeemed in stages. About 70% of the other properties held by Rapport 1 through 3 have already been sold or are set to be sold to third parties, and the REIT is considering direct acquisitions of some properties that match its investment criteria.
Key Facts
- Property Name: JMF Residence Osaka Awaji (current name: Luxe Awaji)
- Buyer: Japan Metropolitan Fund Investment Corporation
- Seller: Godo Kaisha Rapport2
- Planned Acquisition Price: JPY 734 million
- Appraisal Value: JPY 904 million (as of August 1, 2026; Tanizawa Sogo Appraisal Co., Ltd.)
- Appraisal NOI Yield: 5.3%
- Agreement Date: August 26, 2026
- Scheduled Acquisition Date: August 31, 2026
- Location: 2-10-8 Sugawara, Higashiyodogawa-ku, Osaka, Osaka Prefecture
- Nearest Station(s): 15-minute walk from JR Awaji Station on the JR Osaka Higashi Line / 17-minute walk from Kami-Shinjo Station on the Hankyu Kyoto Line
- Completion: March 2016
- Number of Floors: 10F (reinforced concrete construction)
- Total Units: 54
- Unit Layouts: 1K
- Area: Site area of approximately 171 tsubo (approx. 6,100 sq. ft.) / Gross Floor Area of approximately 517 tsubo (approx. 18,400 sq. ft.)
- Occupancy: 100% (as of the end of June 2026)
