TOKYO, JAPAN –
Media OutReach Newswire – 30 July 2024 – Dash Living, Asia Pacific’s leading provider of rental housing, and BlackRock, through a fund managed by its Real Estate business, have teamed up to invest in an upscale multifamily asset in Japan. This acquisition highlights the dedication of both companies to seek out value-add rental uplift opportunities by transforming residential buildings into flexible accommodations for business and leisure travelers in Japan.
First Acquisition in Tokyo
The newly acquired 29-unit property in Higashi Komagata, Tokyo, is conveniently located within a five-minute walk to major subway lines (both Ginza Line and Asakusa Line), offering easy access to multiple central business districts in just 20 to 30 minutes. Situated near popular attractions like the Asakusa Shrine and the Asahi Beer Factory, the property promises a memorable stay for its guests. Japan is on course to achieve the government’s goal of topping the pre-pandemic figure of 32 million annual foreign visitors by 2025, with the January-March quarter in 2024 seeing a record 8.56 million, 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 to its 15th location, following recent acquisitions including the rebranded Dash Living Ikebukuro West, Dash Living Ryogoku in a joint venture with another leading asset manager, Dash Living Ueno Park and Dash Living Yoyogi Uehara in partnership with the crowdfunding listed platform Creal. (Creal JP: 2998.T)
“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. “With a strong commitment to Japan, we are dedicated to further expanding our investment and growth opportunities to offer upscale and flexible accommodations in convenient and charming neighborhoods throughout Tokyo.”
“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.
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