JR-West Real Estate & Development Acquires Rental Apartment Property in Shiba, Minato Ward
JR-West Real Estate & Development acquired Totsu Residence Shiba, a rental apartment property in Shiba 3-chome, Minato Ward, on March 24, 2026. The transaction marks the company’s 17th acquisition of a rental apartment property in the Tokyo metropolitan area.
The property is a 13-story building with one basement level completed in October 2006. It has a gross floor area of approximately 1,228 tsubo (approx. 133,800 sq. ft.) and contains 118 units. Unit layouts consist of 1K and 1LDK apartments. The property is located a four-minute walk from Mita Station on the Toei Asakusa and Mita lines and a seven-minute walk from Tamachi Station on the JR Yamanote Line. Shiba Park and Tokyo Tower are to the north, while Keio University’s Mita Campus extends to the west. The area is a mix of business, educational and residential uses, making it well positioned to capture demand for urban living in central Tokyo.
Asking rents for rental apartment properties with 1K and 1LDK units within a 10-minute walk of Mita Station have been on an upward trend since the second half of 2021, reaching the JPY 18,000-per-tsubo range in 2026. Occupancy has also remained in the 97% range, indicating tight supply-demand conditions, according to a survey by the editorial team based on estie Residential Research.
Under the JR-West Group Medium-Term Management Plan 2030, the group has set out a policy of expanding the priority areas for its real estate business to the Tokyo metropolitan area, Fukuoka and overseas markets, while increasing the share of rental residential and office assets in its leasing business from about 50% as of 2025 to about 60% by 2035. The acquisition is part of the company’s efforts to build up its rental residential asset portfolio in central Tokyo, where demand remains resilient.
Key Facts
Property Name: Totsu Residence Shiba
Buyer: JR-West Real Estate & Development Co., Ltd.
Seller: Not disclosed
Transaction Price: Not disclosed
Location: 3-39-7 Shiba, Minato Ward, Tokyo
Nearest Stations: Four-minute walk from Mita Station on the Toei Asakusa and Mita lines; seven-minute walk from Tamachi Station on the JR Yamanote Line
Completion: October 2006
Number of Floors: 13F / B1, SRC structure
Total Units: 118
Area: Site area of approximately 218 tsubo (approx. 23,500 sq. ft.); Gross Floor Area of approximately 1,228 tsubo (approx. 133,800 sq. ft.)