Dash Living, Asia Pacific’s leading provider of rental housing, and BlackRock’s Real Estate business have announced their first multifamily acquisition in Tokyo, Japan. This collaboration aims to transform residential buildings into flexible accommodations for business and leisure travelers.
Key Takeaways
- Location: The newly acquired 29-unit property is in Higashi Komagata, Tokyo, near major subway lines and popular attractions.
- Strategic Investment: This acquisition is part of Dash Living’s broader strategy to expand its portfolio in Japan.
- Market Potential: Japan’s real estate market is attractive due to the surge in business travel and tourism.
- Future Plans: Both companies aim to offer upscale and flexible accommodations in Tokyo’s charming neighborhoods.
First Acquisition in Tokyo
The newly acquired property in Higashi Komagata, Tokyo, is conveniently located within a five-minute walk to major subway lines, including the Ginza Line and Asakusa Line. This prime location offers easy access to multiple central business districts within 20 to 30 minutes. The property is also near popular attractions like the Asakusa Shrine and the Asahi Beer Factory, promising a memorable stay for its guests.
Japan is on track to achieve the government’s goal of surpassing the pre-pandemic figure of 32 million annual foreign visitors by 2025. The January-March quarter of 2024 already saw a record 8.56 million visitors, according to the Japan National Tourism Organization.
Dash’s Commitment to Japan
In recent years, Dash Living has made significant investments in the Japanese market through multiple joint ventures and programs with global asset managers and financial institutions. This latest collaboration with BlackRock’s Real Estate business adds to Dash Living’s expanding portfolio, marking its 15th location in Japan. Recent acquisitions include:
- Dash Living Ikebukuro West
- Dash Living Ryogoku (in a joint venture with another leading asset manager)
- Dash Living Ueno Park
- Dash Living Yoyogi Uehara (in partnership with the crowdfunding listed platform Creal)
“We are thrilled to introduce our multifamily assets investment in Japan alongside BlackRock’s Real Estate business, seizing opportunities in the country’s thriving real estate market. Our collaboration with the real estate arm of the world’s largest asset manager demonstrates our ability to deliver attractive returns for investors,” said Aaron Lee, CEO and founder of Dash Living.
Market Potential and Future Plans
Japan’s real estate market for multifamily assets is highly attractive and offers substantial opportunities given the surge in business travel and tourism. “We are excited to be collaborating with Dash Living to capitalize on this burgeoning demand by repositioning multifamily assets to generate value-add returns for our investors,” said Daigo Hirai, BlackRock Managing Director and Head of Japan Real Estate.
With a strong commitment to Japan, both companies are dedicated to further expanding their investment and growth opportunities. They aim to offer upscale and flexible accommodations in convenient and charming neighborhoods throughout Tokyo.
Sources
- Dash Living and BlackRock’s Real Estate Business Collaborate on First Multifamily Acquisition in Tokyo, Japan – Thailand Business News, Thailand Business News.
