Tokyu Transfers Five “Stylio” Rental Housing Properties to Private Fund
Tokyu has transferred a total of five properties in its “Stylio” rental housing series to TR1 Realty GK, a private fund structured and managed by Tokyu Asset Management (TAM). The fund, backed by investments from Tokyu and multiple domestic operating corporations, commenced operations on March 31, 2026. The transaction marks the Tokyu Group’s first initiative to off-balance-sheet development properties through a group-managed fund, embodying the capital recycling business model outlined in its medium-term management plan.
The portfolio comprises Stylio Kamata II, Stylio Ikegami WeLL, Stylio Yukigaya-Otsuka Residence, Stylio Kamata CROSS and Stylio Kawasaki. Located in Ota Ward and Kawasaki City, all five are reinforced concrete properties completed between 2022 and 2025, making them relatively newly built assets. Their combined Gross Floor Area totals approximately 3,629 tsubo (approx. 129,064 sq. ft.). The properties are located in the Kamata, Ikegami and Yukigaya-Otsuka areas along the Tokyu Ikegami Line and Tokyu Tamagawa Line, as well as around JR Kawasaki Station. As of the end of March 2026, “Stylio” is a rental housing brand with 69 buildings and 2,533 units along Tokyu railway lines.
The fund has also granted Tokyu REIT a preferential negotiation right for a future acquisition of the properties, with the aim of establishing a value chain spanning development, fund management and eventual inclusion in a REIT portfolio.
Key Facts
Fund Name:
TR1 Realty GK
Asset Manager:
Tokyu Asset Management Co., Ltd.
Seller:
TOKYU CORPORATION
Transaction Price:
Undisclosed
Operation Start Date:
March 31, 2026
“Stylio Kamata II”
Location:
7-41-10 Nishi-Kamata, Ota Ward, Tokyo
Access:
Approximately 5 minutes on foot from Hasunuma Station on the Tokyu Ikegami Line; approximately 8 minutes on foot from Kamata Station on the Tokyu Ikegami Line, Tokyu Tamagawa Line and JR Keihin-Tohoku Line
Completion:
February 2022
Number of Floors:
13F
Area:
Gross Floor Area of approximately 792 tsubo (approx. 28,189 sq. ft.)
Total Units:
72
“Stylio Ikegami WeLL”
Location:
7-22-18 Ikegami, Ota Ward, Tokyo
Access:
Approximately 7 minutes on foot from Ikegami Station on the Tokyu Ikegami Line
Completion:
January 2024
Number of Floors:
5F
Area:
Gross Floor Area of approximately 585 tsubo (approx. 20,820 sq. ft.)
Total Units:
45
“Stylio Yukigaya-Otsuka Residence”
Location:
3-8 Yukigaya-Otsuka-machi, Ota Ward, Tokyo
Access:
Approximately 5 minutes on foot from Yukigaya-Otsuka Station on the Tokyu Ikegami Line
Completion:
October 2023
Number of Floors:
5F
Area:
Gross Floor Area of approximately 448 tsubo (approx. 15,944 sq. ft.)
Total Units:
37
“Stylio Kamata CROSS”
Location:
5-27-9 Kamata, Ota Ward, Tokyo
Access:
Approximately 5 minutes on foot from Keikyu Kamata Station on the Keikyu Main Line and Airport Line; approximately 6 minutes on foot from Kamata Station on the JR Keihin-Tohoku Line; approximately 8 minutes on foot from Kamata Station on the Tokyu Ikegami Line and Tokyu Tamagawa Line
Completion:
February 2025
Number of Floors:
13F
Area:
Gross Floor Area of approximately 948 tsubo (approx. 33,747 sq. ft.)
Total Units:
79
“Stylio Kawasaki”
Location:
7-9 Higashida-cho, Kawasaki Ward, Kawasaki, Kanagawa Prefecture
Access:
Approximately 5 minutes on foot from Kawasaki Station on the JR Keihin-Tohoku Line, Tokaido Line and Nambu Line; approximately 6 minutes on foot from Keikyu Kawasaki Station on the Keikyu Main Line and Daishi Line
Completion:
May 2025
Number of Floors:
15F
Area:
Gross Floor Area of approximately 856 tsubo (approx. 30,469 sq. ft.)
Total Units:
85