Seibu Real Estate Sells Two Rental Apartment Buildings in Nakano and Nerima

Seibu Real Estate sold trust beneficiary interests in two rental apartment buildings in April 2026: Emilive Saginomiya in Shirasagi 1-chome, Nakano-ku, Tokyo, and Emilive Nerima in Toyotamakita 5-chome, Nerima-ku. The buyer is PPFA Japan Twelve TMK, which is believed to be affiliated with Morgan Stanley.

Emilive Saginomiya is a three-minute walk from Saginomiya Station on the Seibu Shinjuku Line. Completed in 2018, the 10-story building has 70 units ranging from 1K to 3LDK, with a fitness gym on the first floor. Emilive Nerima is a four-minute walk from Nerima Station on the Toei Oedo Line. Completed in 2015, the 14-story building has 174 units ranging from 1K to 2LDK.

Both properties had been owned by the Seibu Group since they were built. Emilive Saginomiya was originally owned by Seibu Railway and was transferred in an April 2023 corporate split to Seibu Realty Solutions, which changed its name to Seibu Real Estate in April 2025. Emilive Nerima had been owned by Seibu Bus since completion and was transferred to Seibu Real Estate via Seibu Railway in April 2025.

In November 2024, Seibu Holdings signed a memorandum of understanding with Morgan Stanley Capital and PRIME Asia. Targeting mainly rental housing in the Tokyo metropolitan area, including areas along Seibu lines, the partners set a goal of growing assets under management in rental housing to JPY 100 billion by fiscal 2027 through investments by a joint SPC and the contribution of existing properties held by both sides. The two properties sold this time had been candidates for securitization from fiscal 2026 onward.

Key Facts

• Property Name: Emilive Saginomiya
• • Seller: Seibu Real Estate Inc.
  • Buyer: PPFA Japan Twelve TMK
  • Transferred Asset: Real estate trust beneficiary interest
  • Trustee: Mitsubishi UFJ Trust and Banking Corporation
  • Transaction Date: April 24, 2026
  • Location: 1-28-6 Shirasagi, Nakano-ku, Tokyo
  • Nearest Station(s): Three-minute walk from Saginomiya Station on the Seibu Shinjuku Line / 12-minute walk from Toritsu-Kasei Station on the Seibu Shinjuku Line
  • Completion: March 2018
  • Number of Floors: 10F (reinforced concrete construction)
  • Use: Apartment / Sports center
  • Total Units: 70
  • Unit Layouts: 1K / 1DK / 1LDK / 2LDK / 3LDK
  • Area: Gross Floor Area of approximately 1,091 tsubo (approx. 38,800 sq. ft.)
• Property Name: Emilive Nerima
• • Seller: Seibu Real Estate Inc.
  • Buyer: PPFA Japan Twelve TMK
  • Transferred Asset: Real estate trust beneficiary interest
  • Trustee: Mitsubishi UFJ Trust and Banking Corporation
  • Transaction Date: April 24, 2026
  • Location: 5-23-7 Toyotamakita, Nerima-ku, Tokyo
  • Nearest Station(s): Four-minute walk from Nerima Station on the Toei Oedo Line / 13-minute walk from Sakuradai Station on the Seibu Ikebukuro Line
  • Completion: February 2015
  • Number of Floors: 14F (reinforced concrete construction)
  • Use: Apartment
  • Total Units: 174
  • Unit Layouts: 1K / 1DK / 1LDK / 2LDK
  • Area: Gross Floor Area of approximately 1,770 tsubo (approx. 63,000 sq. ft.)