RM Partners Acquires Rental Apartment Building in Higashi-Mukojima, Sumida Ward
RM Partners acquired the trust beneficiary interest in IMPROVE Higashi-Mukojima, a rental apartment building in Higashi-Mukojima 5-chome, Sumida-ku, Tokyo, in March 2026. The seller was Resi Properties Two TMK, a specified purpose company.
The property is a four-minute walk from Higashi-Mukojima Station on the Tobu Isesaki Line and a 12-minute walk from Yahiro Station on the Keisei Oshiage Line. Completed in 1989, the 12-story building has 55 units in 1R/1K layouts.
When newly built, the property was owned by Recruit FromA. It was placed in trust in 2000 and, in 2010, came under the ownership of Nomura Real Estate Residential Fund (succeeded by Nomura Real Estate Master Fund in 2015) through a succession of trust assets. In October 2022, Resi Properties Two acquired the trust beneficiary interest. RM Partners acquired it as a trust beneficiary interest, cancelled the trust registration on the same day, and registered the property as fee simple ownership.
Looking at average asking rents for 1R/1K rental housing within a five-minute walk of Higashi-Mukojima Station by building age, rents rose approximately 17% for buildings up to 10 years old and approximately 14% for buildings 10 to 20 years old over the three years through August 2026, while buildings 20 years or older saw an increase of only about 4% (based on editorial research using estie Residential Research). If older properties can be upgraded through renovation to compete with newer buildings, there appears to be room for them to capture the rent levels of newer properties, which continue to rise.
The seller, Resi Properties Two, is a specified purpose company believed to be managed by Sojitz Residential Partners, which was established with joint investment from Sojitz and Goldman Sachs. Sojitz Residential Partners has a business model of acquiring rental housing in Japan's major cities, adding value over three to five years after acquisition, and then selling. This property was likewise sold about three years and four months after its acquisition in October 2022.
The buyer, RM Partners, is engaged in real estate development, renovation and brokerage, and the property is listed as available for sale on the company's website. The company also has a track record of short-term trading, having acquired Iwahana Building in Kameido, Koto Ward, in April 2025 and sold it in December of the same year (see related article: RM Partners Acquires Iwahana Building in Kameido, Tokyo).
Key Facts
- Property Name: IMPROVE Higashi-Mukojima
- Buyer: RM Partners Co., Ltd.
- Seller: Resi Properties Two TMK
- Asset Acquired: Trust beneficiary interest in real estate (trust registration cancelled on the acquisition date)
- Acquisition Date: March 2, 2026
- Location: 5-19-14 Higashi-Mukojima, Sumida-ku, Tokyo
- Nearest Station(s): Four-minute walk from Higashi-Mukojima Station on the Tobu Isesaki Line / 12-minute walk from Yahiro Station on the Keisei Oshiage Line / 12-minute walk from Keisei Hikifune Station on the Keisei Oshiage Line
- Completion: September 1989
- Number of Floors: 12F (steel-reinforced concrete construction)
- Use: Apartment
- Total Units: 55
- Unit Layouts: 1R/1K
- Area: Gross Floor Area of approximately 409 tsubo (approx. 14,600 sq. ft.)
