Phoenix saw an opportunity to refurbish this Grad A multi-family
property to achieve 11.4% rental uplift in 2 years, through
proactive discussions with our management and thorough renovation
of the building with simple, modern furniture to target young
single professionals with above-average income.
Locating in the high-end residential area of Akasaka, Akasaka
multi-family is one of the top-notch residential housings for
young professionals and expatriate in town. The building is a
14-storey Grade A multi-family property comprised of 116
residential units and a ground floor retail unit. It is developed
in 2017 by Daiwa House, a major real estate developer primarily
focused on multifamily apartments and detached homes.
In order to add value to the property, Phoenix has done a series
of on-site measures, for example, renovating the lobby area of the
premise and converting the multi-purpose room into a small fitness
center to cater the needs of the residents, and to command higher
rents upon lease renewals and vacancies.
In July 2021, we accepted an offer from a sovereign wealth fund,
the disposal was by the end of October 2021.
