Mugen Estate Acquires Le Vent de Vert Fukui Apartment in Setagaya
Mugen Estate has acquired the rental apartment property Le Vent de Vert Fukui in Kamikitazawa 4-chome, Setagaya Ward. The 36-year-old building is located just a one-minute walk from Kamikitazawa Station on the Keio Line, and the acquisition is seen as part of the company’s value-add strategy focused on existing residential assets.
The four-story steel-frame property totals approx. 344 tsubo (approx. 12,200 sq. ft.) of Gross Floor Area and was completed in December 1989. While primarily configured as a multifamily asset, the ground floor also includes retail space. The seller, MJY Partner Inc., had acquired the building from an individual in September 2022 and divested it after roughly three years of ownership.
Mugen Estate, listed on the Tokyo Stock Exchange Standard Market, specializes in purchasing and repositioning existing multifamily and office buildings across the Tokyo metropolitan area, then reselling them to individual investors and corporates. For the fiscal half-year ending December 2025, the company posted record-high revenue and profit in its purchase-and-resale business. Sales to foreign investors increased 19.5% year-on-year amid yen depreciation, supporting stronger acquisition activity.
In the Kamikitazawa area, asking rents for units over 30 years old typically range from the JPY 10,000–11,000 per tsubo level for 1R/1K layouts (editorial analysis based on “estie residential research”). Given the property’s highly competitive one-minute walk to the station, there appears to be significant upside potential through renovation.
Key Facts
Property Name: Le Vent de Vert Fukui
Buyer: Mugen Estate Co., Ltd.
Seller: MJY Partner Inc.
Transaction Price: Not disclosed
Location: 4-14-10 Kamikitazawa, Setagaya-ku, Tokyo
Access: 1-minute walk from Kamikitazawa Station (Keio Line)
Completion: December 1989
Number of Floors: 4F (Structure: Steel frame)
Gross Floor Area: Approx. 344 tsubo (approx. 12,200 sq. ft.)