J-REIT buys seven apartment complexes

Starts Proceed Investment Corp., a Japanese REIT, is in contracts to buy a seven-property multifamily portfolio for $83.1 million. The seller was real estate developer and project manager Starts Corp., which acquired the properties this year in September.

The portfolio consists of 410 apartment units located across Japan in the cities of Ichikawa, Nagareyama, Nagoya, Tokyo and Tsukuba.

The highest priced complex was the 72-unit Proceed Aratamabashi, located in Nagoya, which sold for $19.4 million, or $269,141 per unit. And the second highest priced complex was the 72-unit Proceed Kaneyama 2 in Nagoya, which sold for $18.6 million.

The largest apartment property was the 73-unit Proceed TX Nagareyama Central Park in Nagareyama, which sold for $8.9 million, or $122,1119 per unit.