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Japan Real Estate Insights by estie
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Starts Proceed Investment Corp. To Sell Rental Apartment Property in Edogawa Ward

MultifamilyTransaction

Starts Proceed Investment Corp. To Sell Rental Apartment Property in Edogawa Ward

Starts Proceed Investment Corp. will sell “Proceed Nishikasai,” a rental apartment property in Seishincho, Edogawa Ward, Tokyo, to a domestic operating company. The planned transfer price is JPY 1,176 million, approximately 4% above the appraised value of JPY 1,130 million. The sale and purchase agreement is scheduled to be executed on April 24, 2026, with closing planned for Oct. 23, 2026.

The property consists of two buildings: Building 1, a five-story reinforced concrete building completed in 1993, and Building 2, a three-story steel-frame building completed in 1985. It has a total of 63 rentable units and a Gross Floor Area of approximately 962 tsubo (approx. 34,234 sq. ft.). The property is located a 15-minute walk from Nishikasai Station on the Tokyo Metro Tozai Line, and its occupancy rate was 94.2% as of the end of October 2025.

The transaction is part of the investment corporation’s ongoing portfolio replacement strategy. Building 1 is 32 years old and Building 2 is 40 years old. Taking into comprehensive consideration the future maintenance burden, including equipment upgrades and routine repairs, as well as NOI, the investment corporation determined that selling the property at this time would be desirable.

Key Facts

  • Property Name: Proceed Nishikasai (Building 1 and Building 2)

  • Seller: Starts Proceed Investment Corp.

  • Buyer: Undisclosed (domestic operating company)

  • Planned Transfer Price: JPY 1,176 million

  • Appraised Value: JPY 1,130 million

  • Capitalization Rate: 4.3%

  • Location: 2-7-6 Seishincho, Edogawa Ward, Tokyo (Building 1); 2-7-1 Seishincho, Edogawa Ward, Tokyo (Building 2)

  • Nearest Station: 15-minute walk from Nishikasai Station on the Tokyo Metro Tozai Line

  • Completion: October 1993 (Building 1); July 1985 (Building 2)

  • Number of Floors: 5F (RC structure, Building 1); 3F (S structure, Building 2)

  • Gross Floor Area: Approximately 962 tsubo (approx. 34,234 sq. ft.)

  • Total Units: 63

  • Occupancy Rate: 94.2% (as of the end of October 2025)

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