Real estate investment manager TE Capital Partners (TEC) has established a joint venture with rental housing platform Dash Living to acquire a ten-storey residential property in Japan.
TEC will own a majority stake in the asset located in Central Tokyo, while Dash will maintain a minority ownership interest and manage the property, to be branded as Dash Living Minami Azabu.
The 130-unit building, located in Tokyo’s Minato Ward embassy district, will undergo comprehensive renovations and refurbishments.
Aaron Lee, CEO of Dash Living, said: “We are proud to be leading the way in bringing foreign institutional investment into Japan’s residential sector. With deep expertise and local market insight, we are delighted to be partnering with TE Capital Partners as we continue to expand our footprint in Tokyo.”
Dash Living manages a portfolio of 2,000 rooms on behalf of BlackRock, Greystar, Schroders, PGIM Real Estate and Hines.
TE Capital Partners said: “This acquisition reinforces our conviction in Tokyo’s residential sector, particularly the robust demand for furnished apartments fuelled by sustained inbound migration and tourism.
“Through our partnership with Dash Living, we will deliver premium, flexible living solutions tailored to the evolving needs of future residents.”
Founded in 2019, TE Capital Partners manages commercial, office, and multifamily assets across Singapore, Japan, Australia and the US via a range of investment vehicles, such as joint ventures, separate accounts and closed-end funds.
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AloJapan.com