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Daiwa Securities Living Investment Swaps Five Rental Housing Properties in Taito, Sumida and Takanawa

MultifamilyTransaction

Daiwa Securities Living Investment Swaps Five Rental Housing Properties in Taito, Sumida and Takanawa

Daiwa Securities Living Investment Swaps Five Rental Housing Properties in Taito, Sumida and Takanawa

Daiwa Securities Living Investment Corporation announced on September 30, 2026, that it will acquire four rental housing properties in Taito and Sumida wards for a total of JPY 5.843 billion and sell a rental housing property in Minato Ward for JPY 2.15 billion. The sale and purchase agreements were signed the same day, and both the acquisitions and the sale are scheduled to be executed on October 8. The seller of the acquired properties and the buyer of the sold property are the same domestic corporation. Its name has not been disclosed, but the registered owner of all four acquired properties as of September 30, 2026, is Saison Realty.

The properties to be acquired are Gran Casa Kuramae II (36 units, JPY 1.992 billion), Gran Casa Asakusa II (33 units, JPY 1.584 billion), Gran Casa Ryogoku II (19 units, JPY 1.186 billion) and Gran Casa Ryogoku (20 units, JPY 1.081 billion). All were completed between October and December 2023 and consist mainly of 1K to 1LDK units, and the total planned acquisition price is approximately 4.5% below their combined appraisal value. The appraisal NOI yields on the planned acquisition prices are approximately 3.7% to 3.8% for all four. The properties, currently branded SEASON FLATS, are scheduled to be renamed after the acquisition.

The property to be sold, Maison de Ville Takanawa Gyoranzaka, is approximately a six-minute walk from Shirokane-Takanawa Station on the Tokyo Metro Namboku Line and the Toei Mita Line. Completed in 1999, the building has nine floors above ground and one below, with 70 leasable units. The REIT has owned it since July 2010; the scheduled sale price is approximately 1.5 times the acquisition price, and the REIT expects a gain on sale of approximately JPY 694 million.

After the transactions, the portfolio will comprise 242 buildings with a total acquisition price of approximately JPY 404.1 billion. With the addition of the four properties in Taito and Sumida wards, the REIT will expand its rental housing holdings in the Joto area of eastern Tokyo.

Acquisition Property Overview

  • Common to All Four Properties
    • Buyer: Daiwa Securities Living Investment Corporation
    • Seller: Undisclosed (registered owner as of September 30, 2026: Saison Realty Co., Ltd.)
    • Asset to Be Acquired: Real estate
    • Total Planned Acquisition Price: JPY 5.843 billion
    • Agreement Date: September 30, 2026
    • Scheduled Acquisition Date: October 8, 2026
    • Master Lessee: Tokyu Housing Lease Corporation (scheduled; pass-through)
    • Property Manager: Tokyu Housing Lease Corporation (scheduled)
  • Property Name: Gran Casa Kuramae II (current name: SEASON FLATS Kuramae Park Front)
    • Planned Acquisition Price: JPY 1.992 billion
    • Appraised Value: JPY 2.09 billion, by Tanizawa Sogo Appraisal Co., Ltd. as of August 1, 2026
    • Appraisal NOI Yield (based on planned acquisition price): Approximately 3.7%
    • Location: 4-17-12 Kuramae, Taito-ku, Tokyo
    • Nearest Station(s): Three-minute walk from Kuramae Station on the Toei Asakusa Line / Approximately five-minute walk from Kuramae Station on the Toei Oedo Line
    • Completion: October 2023
    • Number of Floors: 13F (reinforced concrete construction)
    • Use: Apartment
    • Leasable Units: 36 (12 1DK units, 24 1LDK units)
    • Area: Land area of approximately 79 tsubo (approx. 2,800 sq. ft.) / Gross Floor Area of approximately 470 tsubo (approx. 16,700 sq. ft.)
    • Occupancy: 88.3% (as of August 31, 2026)
  • Property Name: Gran Casa Asakusa II (current name: SEASON FLATS Asakusa)
    • Planned Acquisition Price: JPY 1.584 billion
    • Appraised Value: JPY 1.63 billion, by Japan Real Estate Institute as of August 1, 2026
    • Appraisal NOI Yield (based on planned acquisition price): Approximately 3.7%
    • Location: 1-11-1 Komagata, Taito-ku, Tokyo
    • Nearest Station(s): Two-minute walk from Asakusa Station on the Toei Asakusa Line / Five-minute walk from Asakusa Station on the Tokyo Metro Ginza Line
    • Completion: October 2023
    • Number of Floors: 12F (reinforced concrete construction)
    • Use: Apartment
    • Leasable Units: 33 (22 1K units, 11 1LDK units)
    • Area: Land area of approximately 70 tsubo (approx. 2,500 sq. ft.) / Gross Floor Area of approximately 378 tsubo (approx. 13,500 sq. ft.)
    • Occupancy: 90.9% (as of August 31, 2026)
  • Property Name: Gran Casa Ryogoku II (current name: SEASON FLATS Ryogoku EAST)
    • Planned Acquisition Price: JPY 1.186 billion
    • Appraised Value: JPY 1.24 billion, by Japan Real Estate Institute as of August 1, 2026
    • Appraisal NOI Yield (based on planned acquisition price): Approximately 3.8%
    • Location: 2-22-9 Midori, Sumida-ku, Tokyo
    • Nearest Station(s): Seven-minute walk from Ryogoku Station on the Toei Oedo Line / 11-minute walk from Ryogoku Station on the JR Chuo-Sobu Line
    • Completion: December 2023
    • Number of Floors: 9F (reinforced concrete construction)
    • Use: Apartment
    • Leasable Units: 19 (six 1DK units, eight 1LDK units, five 2LDK units)
    • Area: Land area of approximately 52 tsubo (approx. 1,900 sq. ft.) / Gross Floor Area of approximately 307 tsubo (approx. 10,900 sq. ft.)
    • Occupancy: 95.0% (as of August 31, 2026)
  • Property Name: Gran Casa Ryogoku (current name: SEASON FLATS Ryogoku)
    • Planned Acquisition Price: JPY 1.081 billion
    • Appraised Value: JPY 1.16 billion, by Japan Real Estate Institute as of August 1, 2026
    • Appraisal NOI Yield (based on planned acquisition price): Approximately 3.8%
    • Location: 3-13-11 Ryogoku, Sumida-ku, Tokyo
    • Nearest Station(s): Six-minute walk from Ryogoku Station on the JR Chuo-Sobu Line / Seven-minute walk from Ryogoku Station on the Toei Oedo Line
    • Completion: December 2023
    • Number of Floors: 11F (reinforced concrete construction)
    • Use: Apartment
    • Leasable Units: 20 (1LDK)
    • Area: Land area of approximately 51 tsubo (approx. 1,800 sq. ft.) / Gross Floor Area of approximately 310 tsubo (approx. 11,000 sq. ft.)
    • Occupancy: 90.8% (as of August 31, 2026)

Disposition Property Overview

  • Property Name: Maison de Ville Takanawa Gyoranzaka
  • Seller: Daiwa Securities Living Investment Corporation
  • Buyer: Undisclosed (the same domestic corporation as the seller of the acquired properties)
  • Asset to Be Sold: Real estate (site rights for the land and sectional ownership of all units of the building)
  • Scheduled Sale Price: JPY 2.15 billion
  • Appraised Value: JPY 2.05 billion, by Japan Real Estate Institute as of March 31, 2026
  • Appraisal NOI Yield (based on scheduled sale price): Approximately 3.5%
  • Book Value: Approximately JPY 1.436 billion (as of the end of March 2026)
  • Acquisition Price: JPY 1.48 billion (acquired on July 1, 2010)
  • Agreement Date: September 30, 2026
  • Scheduled Sale Date: October 8, 2026
  • Location: 1-5-14 Takanawa, Minato-ku, Tokyo
  • Nearest Station(s): Approximately six-minute walk from Shirokane-Takanawa Station on the Tokyo Metro Namboku Line and the Toei Mita Line
  • Completion: March 1999
  • Number of Floors: 9F / B1 (steel-reinforced concrete construction)
  • Use: Residential
  • Leasable Units: 70
  • Area: Site area of approximately 191 tsubo (approx. 6,800 sq. ft.) / Gross Floor Area of approximately 585 tsubo (approx. 20,800 sq. ft.)
  • Occupancy: 100.0% (as of March 31, 2026)

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