Osaka Gas Urban Development Sells Rental Apartment Building in Morishita
Osaka Gas Urban Development sold PROUD FLAT Morishita, a rental apartment building in Morishita 2-chome, Koto-ku, Tokyo, in May 2026. In conjunction with the sale, a trust was established and the trust beneficiary interest was transferred to PPFA Japan Three TMK, which is believed to be an SPC affiliated with Morgan Stanley.
The property is a three-minute walk from Morishita Station on the Toei Oedo and Shinjuku lines. Completed in 2009, the 10-story building has 57 units, all 1K. It is part of Nomura Real Estate's PROUD FLAT rental apartment brand, was newly built by Nomura Real Estate and was acquired in March 2012 by Urbanex, now Osaka Gas Urban Development.
Osaka Gas Urban Development operates the Urbanex rental apartment brand. It began its rental apartment business in earnest in the Tokyo metropolitan area in 2009 and has four Urbanex buildings around Morishita. In March 2026, the company also sold Urbanex Ichigaya-Yanagicho, a rental apartment building in Ichigaya-Yanagicho, Shinjuku Ward, to the same buyer as in this transaction (see related article: Osaka Gas Urban Development Sells Urbanex Ichigaya-Yanagicho Rental Apartment Building).
Key Facts
- Property Name: PROUD FLAT Morishita
- Seller: Osaka Gas Urban Development Co., Ltd.
- Buyer: PPFA Japan Three TMK
- Transferred Asset: Real estate trust beneficiary interest
- Transaction Date: May 1, 2026
- Location: 2-29-1 Morishita, Koto-ku, Tokyo
- Nearest Station(s): Three-minute walk from Morishita Station on the Toei Oedo and Shinjuku lines / 10-minute walk from Kikukawa Station on the Toei Shinjuku Line
- Completion: August 27, 2009
- Number of Floors: 10F (reinforced concrete construction)
- Use: Apartment / Bicycle parking
- Total Units: 57
- Unit Layouts: 1K
- Area: Gross Floor Area of approximately 389 tsubo (approx. 13,800 sq. ft.)