Starts Proceed To Acquire Musashi-Sakai Rental Housing for JPY 2.05 Billion
Starts Proceed Investment Corp. will acquire on Oct. 1, 2026, the trust beneficiary interest in Proceed Musashisakai (current name: Esperanza Mitaka), a rental apartment building in Iguchi, Mitaka, Tokyo. The agreement is scheduled to be signed on Aug. 31 of the same year, and the planned acquisition price is JPY 2.05 billion. The seller is undisclosed, but the registered owner as of Aug. 25, 2026, was an individual.
Completed in 2004, the four-story building comprises 47 two-bedroom (2LDK) units. It is an 11-minute walk from Musashi-Sakai Station on the JR Chuo Line and the Seibu Tamagawa Line, and occupancy stood at 93.6% as of Aug. 21, 2026. The REIT decided on the acquisition because it views Iguchi 3-chome, where the property is located, as an area that can draw family demand while offering access to central Tokyo.
The average asking rent for 2LDK rental apartments within a 10-minute walk of Musashi-Sakai Station has risen approximately 28% over the past five years, pointing to firm residential demand from families (compiled by the editorial team based on estie Residential Research).
The REIT is rotating assets to strengthen the competitiveness of its portfolio. In October 2026, it plans to sell Proceed Nishikasai in Edogawa Ward for about JPY 1.18 billion, and it intends to fund part of this acquisition with proceeds from that sale. From March through April, it acquired four rental housing properties in the Tokyo metropolitan area for a combined total of about JPY 2.85 billion, including the reacquisition of two properties it had previously sold. After this acquisition, its portfolio will total about JPY 105 billion on an acquisition-price basis, with major cities in the Tokyo metropolitan area accounting for 76.4%.
Key Facts
- Property Name: Proceed Musashisakai (current name: Esperanza Mitaka)
- Buyer: Starts Proceed Investment Corporation
- Seller: Undisclosed (registered owner as of August 25, 2026: an individual)
- Planned Acquisition Price: JPY 2.05 billion
- Appraisal Value: JPY 2.1 billion (as of August 1, 2026; Richi Appraisal Institute)
- Capitalization Rate: Approximately 4.3%
- Scheduled Acquisition Date: October 1, 2026
- Location: 3-1-10 Iguchi, Mitaka, Tokyo
- Nearest Station(s): 11-minute walk from Musashi-Sakai Station on the JR Chuo Line and the Seibu Tamagawa Line
- Completion: March 2004
- Number of Floors: 4F (reinforced concrete construction)
- Area: Site area of approximately 670 tsubo (approx. 23,800 sq. ft.) / Gross Floor Area of approximately 851 tsubo (approx. 30,300 sq. ft.)
- Number of Leasable Units: 47
- Occupancy: 93.6% (as of August 21, 2026)
