Sekisui House Reit, Inc. Acquires Rental Apartment Property in Kawasaki

Sekisui House Reit, Inc. will acquire Esty Maison Kawasaki Honcho, a rental apartment property in Kawasaki Ward, Kawasaki, Kanagawa Prefecture, on March 26, 2026. The acquisition price is JPY 1,810 million, and the appraised value is JPY 1,970 million. The seller is COSMOS INITIA Co.,Ltd. The appraised NOI yield is 4.3%, and occupancy stood at 94.5% as of the end of February 2026.

The property is located about a 13-minute walk from JR Kawasaki Station on the Keihin-Tohoku Line. Kawasaki Station offers direct access to Yokohama Station in about eight minutes and to Tokyo Station in about 18 minutes, providing strong commuting convenience. The reinforced concrete property rises 11 stories above ground and contains 70 units, with a unit mix of studio and one-bedroom layouts geared toward single occupants. It also features design-oriented elements such as an exposed concrete exterior and a courtyard at the entrance.

As of March 2026, the investment corporation had total assets under management of JPY 566.2 billion across 138 properties. Of these, domestic residential assets account for 131 properties totaling JPY 344.8 billion, with the Tokyo 23 wards making up 74.7% of the portfolio. The REIT has been focusing on acquisitions of suburban Tokyo metropolitan area properties with strong access to central Tokyo, and this acquisition is in line with that investment strategy.

Around Kawasaki Station, the Kawasaki Arena-City Project is underway, led by DeNA and Keikyu Corporation. The project calls for a mixed-use complex centered on an arena with capacity for more than 10,000 people on a site adjacent to Keikyu Kawasaki Station, with opening targeted for October 2030. The development is expected to attract 3.3 million visitors annually, supporting expectations for solid rental demand in the area over the medium to long term.

Key Facts

• Property Name:

  Esty Maison Kawasaki Honcho

• Buyer:

  Sekisui House Reit, Inc.

• Seller:

  COSMOS INITIA Co.,Ltd.

• Acquisition Price:

  JPY 1,810 million

• Appraised Value:

  JPY 1,970 million

• NOI Yield:

  4.3%

• Occupancy:

  94.5% (as of the end of February 2026)

• Location:

  2-10-10 Honcho, Kawasaki Ward, Kawasaki, Kanagawa Prefecture

• Nearest Station:

  Approximately 13 minutes on foot from Kawasaki Station on the JR Keihin-Tohoku Line

• Completion:

  February 2010

• Number of Floors:

  11F

• Gross Floor Area:

  Approx. 671 tsubo (approx. 23,850 sq. ft.)

• Total Units:

  70