Invesco Real Estate is wading further into Japan’s multifamily market.
The Atlanta-based firm has acquired a portfolio of 13 rental properties in Tokyo, picking up 540 apartments and more than 215,000 square feet of residential space across the capital, the company said in a press release. The total value of the deal and the identity of the seller were not disclosed.
Properties acquired by Invesco include the 36-unit Blau Ueno Iriya in Tokyo’s Taito ward and the 18-unit GranDuo Hatanodai and 67-unit Grace Court Meguro Fudomae, both in Shinagawa ward.
“Japan remains a key focus market, and prime locations in Tokyo continue to benefit from population growth among younger, working‑age residents, supporting resilient rental demand,” Calvin Chou, Asia Pacific head of Invesco Real Estate, told Mingtiandi.
Invesco has been moving further into the Asian and Pacific markets in recent years. In 2023, in one of its first major commitments to Japan’s multifamily sector, Invesco teamed up with Japanese real estate investment management firm Alyssa Partners on a portfolio acquisition of 15 apartment properties across Tokyo, Osaka, Nagoya and Fukuoka. That deal was valued at approximately $203 million at the time, per Mingtiandi.
Besides multifamily, Invesco has also been targeting retirement housing in the Asia Pacific market.
In August, the firm announced its acquisition of RetireAustralia, an Australian developer of retirement villages, for roughly $551.3 million at the time, according to Mingtiandi. RetireAustralia owns and operates 29 villages. Early last year, Invesco acquired a three-property senior living portfolio in South Korea in a joint venture with Seoul-based senior care specialist Caredoc.
Invesco’s latest moves in Japan build on a trend of international investors making multifamily acquisitions in the East Asian country.
In January, Weave Living and BGO Strategic Capital Partners acquired a 10-building Tokyo apartment portfolio for roughly $139 million. Investors will likely continue making acquisitions in the coming months as demand for rental housing in Tokyo remains steady thanks to increasing population, particularly among single-person households, according to Mingtiandi.
— Chris Malone Méndez
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