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Mitsubishi Estate and Shimizu Corporation Invest in U.S. Multifamily Development “NOVEL Arlington” in Virginia

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Mitsubishi Estate and Shimizu Corporation Invest in U.S. Multifamily Development “NOVEL Arlington” in Virginia

Mitsubishi Estate Co., Ltd. and Shimizu Corporation have invested in the U.S. rental housing development project “NOVEL Arlington” in Arlington County, Virginia. The two companies are participating through their respective U.S. subsidiaries—Mitsubishi Estate New York, Inc. (MENY) and Shimizu Realty Development (U.S.A.), Inc. (SRD). This marks the first multifamily residential development for both companies in the Greater Washington, D.C. metropolitan area, which continues to experience strong population inflows and economic growth.

The project site is located at 2480 S Glebe Road, Arlington, VA, approximately 10 kilometers from Washington, D.C. The development will consist of one eight-story multifamily residential building and four four-story townhouse buildings, totaling 530 residential units. The site area is approximately 22,300 square meters (approx. 240,000 sq. ft.), with a Gross Floor Area of approximately 78,000 square meters (approx. 840,000 sq. ft.). Shared amenities totaling approximately 1,850 square meters (approx. 19,900 sq. ft.) will include a swimming pool, fitness center, coworking space, and dog run. Completion is scheduled for 2028, and total project costs are estimated at approximately JPY 40.0 billion.

Mitsubishi Estate has been expanding its development portfolio across major U.S. cities through its group company The Rockefeller Group, covering office, residential, and logistics assets. In September 2024, the company also invested in the large-scale logistics facility “PORT 460” in Virginia, with total project costs of approximately JPY 50.0 billion. Shimizu Corporation has promoted real estate development in the U.S. through SRD since entering the market in 1981. The company has built a solid operating base in the Washington, D.C. metropolitan area, including the acquisition of the newly built multifamily property “The Shaw” in Washington, D.C. in 2020.

In addition to Mitsubishi Estate and Shimizu Corporation, the project also includes participation from Rockefeller Group International, Inc., Crescent Communities, LLC, and Sumitomo Forestry Co., Ltd. Sumitomo Forestry ranks approximately fourth nationwide in terms of multifamily housing starts in the U.S. rental apartment sector.

Arlington County has seen accelerated inflows of highly skilled IT professionals, driven by the relocation of one of the world’s largest digital platform companies and a leading global aerospace manufacturer to the neighboring National Landing district. In recent years, Japanese developers have become increasingly active in U.S. multifamily development, reflecting expectations for sustained housing demand in the Washington, D.C. area as it continues to establish itself as a major tech hub.

Key Facts

  • Project Name: NOVEL Arlington

  • Developers: Mitsubishi Estate New York, Inc.; Shimizu Realty Development (U.S.A.), Inc.; Rockefeller Group International, Inc.; Crescent Communities, LLC; Sumitomo Forestry Co., Ltd.

  • Location: 2480 S Glebe Road, Arlington, VA, USA

  • Completion: 2028

  • Number of Floors: 8F (1 building) / 4F (4 buildings)

  • Site Area: Approx. 22,300 sq. m (approx. 240,000 sq. ft.)

  • Gross Floor Area: Approx. 78,000 sq. m (approx. 840,000 sq. ft.)

  • Total Units: 530 units

  • Total Project Cost: Approx. JPY 40.0 billion

  • Amenities: Approx. 1,850 sq. m (approx. 19,900 sq. ft.) including pool, fitness center, coworking space, and dog run

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