Tokyu REIT to Acquire Kawasaki Rental Apartment Building for JPY 2.2 Billion
Tokyu Real Estate Investment Trust announced on September 14, 2026, that it will acquire STYLIO Shin-Maruko Ekimae, a rental apartment building in Nakahara-ku, Kawasaki. The seller is its sponsor, Tokyu Corporation, and the purchase agreement was signed the same day. The acquisition price is JPY 2.2 billion, with the acquisition date set for October 13, 2026.
The property is a one-minute walk from Shin-Maruko Station on the Tokyu Toyoko and Meguro lines. Completed in October 2025, the 12-story building has 41 units in 1K, 1DK and two-bedroom layouts. Occupancy stood at 100% as of August 2026, and the appraisal NOI yield against the acquisition price is 3.4%.
Average asking rents per tsubo for rental housing within a five-minute walk were compared across three stations on the Tokyu Toyoko and Meguro lines: Shin-Maruko and Motosumiyoshi, which flank Musashi-Kosugi, and Musashi-Kosugi itself. Over the three years from the end of August 2023 to the end of August 2026, rents around Motosumiyoshi Station rose approximately 14%, while those around Shin-Maruko Station climbed approximately 39%, nearly matching the approximately 38% gain around Musashi-Kosugi Station (compiled by the editorial team based on estie Residential Research). The REIT likewise cites the concentration of shopping streets and restaurants around Shin-Maruko Station, along with the convenience of being adjacent to the Musashi-Kosugi area, as reasons for the acquisition.
Tokyu Corporation, the seller, acquired the land in April and July 2023 and developed the property itself. The REIT positions the acquisition as consistent with its cyclical reinvestment model, under which the sponsor group reinvests proceeds recovered from property sales to the REIT into development along the Tokyu railway network. The REIT also acquired two properties from Tokyu Corporation for a combined JPY 5.55 billion in April 2026, continuing its use of the sponsor pipeline (see related article: Tokyu REIT Acquires an Office Building in Shinagawa's Togoshi-Ginza and a Retail Property in Yokohama's Aoba Ward).
Following the acquisition, the REIT's asset size will reach 30 properties worth JPY 247.9 billion. By use, offices will account for 64.3% of investment and retail properties 25.1%, while residential will make up 2.4% across four properties including this one.
Key Facts
- Property Name: STYLIO Shin-Maruko Ekimae
- Buyer: Tokyu Real Estate Investment Trust
- Seller: Tokyu Corporation
- Acquisition Interest: Real property
- Acquisition Price: JPY 2,200 million
- Appraisal Value: JPY 2,260 million (as of August 1, 2026, Japan Real Estate Institute)
- Appraisal NOI Yield: 3.4%
- Contract Date: September 14, 2026
- Acquisition Date: October 13, 2026
- Location: 735-3 and 735-2 Shin-Maruko-cho, Nakahara-ku, Kawasaki, Kanagawa Prefecture (lot numbers)
- Nearest Stations: Approximately one-minute walk from Shin-Maruko Station on the Tokyu Toyoko Line and Meguro Line / approximately seven-minute walk from Musashi-Kosugi Station on the Tokyu Toyoko Line, Meguro Line and JR Nambu Line
- Completion: October 2025
- Number of Floors: 12F (reinforced concrete construction)
- Use: Apartment / Clinic
- Leasable Units: 41
- Unit Layouts: 1K, 1DK and two-bedroom (2LDK)
- Area: Land area of approximately 103 tsubo (approx. 3,700 sq. ft.) / Gross Floor Area of approximately 532 tsubo (approx. 18,900 sq. ft.)
- Occupancy: 100.0% (as of August 2026)
- Master Lease Company: Tokyu Housing Lease Corporation
- Property Management Company: Tokyu Housing Lease Corporation (planned)
