MIRARTH REIT Swaps Rental Apartments in Nagoya and Nishi-Oi
MIRARTH Real Estate Investment Corporation announced on September 29, 2026, that it will acquire the trust beneficiary interest in LUXENA Kamimaezu, a rental apartment building in Naka Ward, Nagoya, from Island Ship No. 6 LLC for JPY 1.867 billion, and sell Rockfield Nishi-Oi, a rental apartment building in Nishi-Oi, Shinagawa Ward, to Takara Leben for JPY 578 million. Both sale and purchase agreements were signed the same day, with delivery on September 30.
LUXENA Kamimaezu is a six-minute walk from Kamimaezu Station on the Nagoya Municipal Subway and an eight-minute walk from Tsurumai Station on the JR Chuo Main Line. Completed in February 2023, the 14-story building has 101 units. Its occupancy rate was 90.2% as of the end of August 2026. The planned acquisition price is approximately 2.7% below the appraisal value, and the appraisal NOI yield on the acquisition price is approximately 4.0%.
The property was developed by sponsor MIRARTH Holdings and was transferred to Island Ship No. 5 LLC in September 2023 and then to Island Ship No. 6 LLC in September 2024, which held it as a bridge. In conjunction with the acquisition, a pass-through master lease agreement with Leben Trust has been or will be concluded.
Rockfield Nishi-Oi is a three-minute walk from Nishi-Oi Station on the JR Yokosuka and Shonan-Shinjuku lines. Completed in 2009, the five-story building has 16 units in 1K and 1DK layouts. The buyer, Takara Leben, is a wholly owned subsidiary of MIRARTH Holdings, and the REIT expects a gain on sale of approximately JPY 23 million.
The REIT said it had determined that developments in a redevelopment plan whose area includes Rockfield Nishi-Oi could affect the property's medium- to long-term earnings stability, and that it will therefore sell the property while it still carries unrealized gains and use the proceeds to acquire LUXENA Kamimaezu.
After the transactions, the portfolio is expected to total JPY 194.403 billion based on acquisition price. By use, it will comprise 37.2% residential, 26.7% office, 20.1% retail and 16.0% hotel.
Acquisition Property Overview
- Property Name: LUXENA Kamimaezu
- Buyer: MIRARTH Real Estate Investment Corporation
- Seller: Island Ship No. 6 LLC
- Asset to Be Acquired: Trust beneficiary interest in real estate
- Planned Acquisition Price: JPY 1.867 billion
- Appraised Value: JPY 1.92 billion, by Japan Real Estate Institute as of September 1, 2026
- Appraisal NOI Yield: Approximately 4.0%
- Agreement Date: September 29, 2026
- Scheduled Acquisition Date: September 30, 2026
- Location: 2-24-7 Chiyoda, Naka Ward, Nagoya, Aichi Prefecture
- Nearest Station(s): Six-minute walk from Kamimaezu Station on the Nagoya Municipal Subway Meijo and Tsurumai lines / Eight-minute walk from Tsurumai Station on the JR Chuo Main Line
- Completion: February 2023
- Number of Floors: 14F (reinforced concrete construction)
- Use: Apartment
- Total Units: 101
- Area: Site area of approximately 177 tsubo (approx. 6,300 sq. ft.) / Gross Floor Area of approximately 903 tsubo (approx. 32,100 sq. ft.)
- Occupancy: 90.2% (as of the end of August 2026)
- Trustee: Sumitomo Mitsui Trust Bank, Limited
- Master Lessee: Leben Trust Co., Ltd. (pass-through)
- Property Manager: Leben Trust Co., Ltd.
Disposition Property Overview
- Property Name: Rockfield Nishi-Oi
- Seller: MIRARTH Real Estate Investment Corporation
- Buyer: Takara Leben Co., Ltd.
- Asset to Be Sold: Trust beneficiary interest in real estate
- Scheduled Sale Price: JPY 578 million
- Expected Book Value: JPY 549 million
- Expected Gain on Sale: JPY 23 million
- Appraised Value: JPY 545 million, by Daiwa Real Estate Appraisal Co., Ltd. as of August 31, 2026
- Agreement Date: September 29, 2026
- Scheduled Sale Date: September 30, 2026
- Location: 1-7-3 Nishi-Oi, Shinagawa-ku, Tokyo
- Nearest Station(s): Three-minute walk from Nishi-Oi Station on the JR Yokosuka and Shonan-Shinjuku lines
- Completion: February 2009
- Number of Floors: 5F
- Use: Apartment
- Total Units: 16
- Unit Layouts: 1K (approx. 34 sq. m (approx. 400 sq. ft.)) / 1DK (approx. 44 sq. m (approx. 500 sq. ft.))
- Area: Leasable area of 176 tsubo (approx. 6,300 sq. ft.)
- Occupancy: 92.4% (as of the end of August 2026)
- Trustee: Mitsubishi UFJ Trust and Banking Corporation