Tokyo Tatemono Acquires 290-Unit Existing Rental Community in Scottsdale, Arizona
Tokyo Tatemono acquired The Residences Kierland, a rental apartment community in Scottsdale, Arizona. The acquisition is a joint venture with major U.S. developer MacNaughton Inc. and marks Tokyo Tatemono’s first acquisition of an existing rental residential property in the United States.
The property is located in the North Scottsdale area of the Phoenix metropolitan area. Completed in 2022, it has 290 units. The unit mix consists of one- and two-bedroom apartments, and the community includes amenities such as a spa facility, pool, lounge and fitness center.
Since reentering the U.S. rental housing development market in 2023, Tokyo Tatemono has been expanding its U.S. business primarily through joint ventures with local partners. In its medium-term business plan, the company positions its overseas business as one of its profit growth drivers and plans to invest JPY 110 billion from fiscal 2025 through fiscal 2027. For this property, Tokyo Tatemono plans to leverage its local partner’s operating expertise and carry out partial renovation work to enhance the property’s value and profitability.
Key Facts
- Property Name: The Residences Kierland
- Acquirer: Tokyo Tatemono Co., Ltd. / MacNaughton Inc.
- Location: 15825 N. 71st Street, Scottsdale, AZ, U.S.A.
- Completion: 2022
- Number of Floors: 6F (reinforced concrete, partly wood-frame)
- Site Area: Approximately 15,256 square meters (approx. 164,200 sq. ft.)
- Total Leasable Area: Approximately 24,261 square meters (approx. 261,100 sq. ft.)
- Total Units: 290
- Unit Mix: 1BR: 210 units; 2BR: 80 units
- Amenities: Spa facility, pool, courtyard, outdoor lounge, indoor lounge, fitness center