Mitsui Fudosan Accommodation Fund to Acquire Two Tokyo Multifamily Assets for JPY 2.6 Billion, Sell Fukuoka Property

Mitsui Fudosan Accommodation Fund Investment Corporation (MAF) has agreed to acquire two rental residential assets in Tokyo for a combined JPY 2.6 billion on December 10, 2025, while disposing of one property in Fukuoka for JPY 790 million. The acquisition assets—Parkside Kinshicho Residence in Sumida Ward and Loijyent Ueno Sakuragi in Taito Ward—are both relatively new properties and will be rebranded as Park Cube Kinshicho and Park Cube Ueno Sakuragi after closing.

Park Cube Kinshicho is a 7-story reinforced concrete rental building with 30 units completed in January 2020. The property is located approximately an 11-minute walk from JR Sobu Line’s Kinshicho Station and is 95.1% occupied. The acquisition price of JPY 1.31 billion represents a 2.7% discount to appraisal. Park Cube Ueno Sakuragi is an 8-story reinforced concrete asset with 29 units completed in July 2021. Situated a four-minute walk from JR Yamanote Line’s Uguisudani Station, the property is 86.4% occupied. The acquisition price of JPY 1.30 billion is 12.1% below appraisal. The Kinshicho asset targets mainly singles and DINK households, while Ueno Sakuragi appeals to a broader range of renters including families.

Meanwhile, the fund will dispose of Park Axis Takamiya Higashi, a 7-story, 70-unit rental property in Fukuoka’s Minami Ward built in March 2009, for JPY 790 million, exceeding book value by JPY 434 million. The fund intends to record all or part of the gain internally through deferred tax accounting, aiming to enhance overall portfolio quality and realize unrealized gains through asset rotation.

Key Facts – Acquisition

• Buyer: Mitsui Fudosan Accommodation Fund

• Seller: Not disclosed

• Sale and Purchase Agreement Date: December 10, 2025

• Scheduled Closing Date: December 18, 2025

• Property Name: Park Cube Kinshicho (current: Parkside Kinshicho Residence)

  • Acquisition Price: JPY 1,313 million

  • Appraisal Value: JPY 1,350 million

  • NOI Yield: approx. 3.9%

  • Cap Rate (Appraisal): 3.6%

  • Occupancy: 95.1%

  • Monthly Rental Income: JPY 4,402 thousand

  • Address: 14-10 Ishiwara 4-chome, Sumida-ku, Tokyo

  • Nearest Station: JR Sobu Line “Kinshicho” Station, approx. 11-minute walk

  • Completion: January 2020

  • Number of Floors: 7F

  • Gross Floor Area: approx. 383 tsubo (approx. 13,500 sq. ft.)

  • Total Units: 30

• Property Name: Park Cube Ueno Sakuragi (current: Loijyent Ueno Sakuragi)

  • Acquisition Price: JPY 1,301 million

  • Appraisal Value: JPY 1,480 million

  • NOI Yield: approx. 3.8%

  • Cap Rate (Appraisal): 3.2%

  • Occupancy: 86.4%

  • Monthly Rental Income: JPY 3,928 thousand

  • Address: 15-5 Uenosakuragi 1-chome, Taito-ku, Tokyo

  • Nearest Station: JR Yamanote Line / Keihin-Tohoku Line “Uguisudani” Station, approx. 4-minute walk

  • Completion: July 2021

  • Number of Floors: 8F

  • Gross Floor Area: approx. 398 tsubo (approx. 14,100 sq. ft.)

  • Total Units: 29

Key Facts – Disposition

• Seller: Mitsui Fudosan Accommodation Fund Investment Corporation

• Buyer: Not disclosed

• Sale and Purchase Agreement Date: December 10, 2025

• Scheduled Closing Date: February 20, 2026

• Property Name: Park Axis Takamiya Higashi

  • Disposition Price: JPY 790 million

  • Book Value: JPY 356 million

  • Gain on Sale: JPY 434 million

  • Appraisal Value: JPY 790 million

  • Cap Rate (Appraisal): 4.2%

  • Address: 18-23 Shimizu 1-chome, Minami-ku, Fukuoka City, Fukuoka Prefecture

  • Completion: March 2009

  • Number of Floors: 7F

  • Gross Floor Area: approx. 802 tsubo (approx. 28,400 sq. ft.)

  • Total Units: 70