Allianz Real Estate, on behalf of the AREAP Core I Fund, has acquired a portfolio of prime multifamily residential assets in Tokyo for approximately $160 million. The portfolio comprises 18 newly built assets with 380 units offering 12,240 square meters (131,750 square feet) of net rentable area. All assets are located in Tokyo 23 wards and are within 10 minutes from a subway station.
This acquisition will be in line with AREAP Core I strategy of building a diversified portfolio of stabilized income-producing assets across the Asia Pacific region. This transaction comes on the back of two other acquisitions in Japan, an 11 asset multifamily residential portfolio in May 2020 and an 82 asset multifamily residential portfolio in November 2019.
“Continued strong performance of our existing multifamily residential portfolio in Japan has validated our conviction about the resiliency of the asset class,” said Rushabh Desai, Asia Pacific CEO of Allianz Real Estate. “Havi
