- Investor
-
Separate Account
- Property
Type(s) -
Multifamily
- Property
Location(s) -
Kobe
Cranberry was the acquisition of a 248-unit multifamily portfolio in Rokko Island, Kobe, Western Japan, on behalf of a foreign investor.
The marketing process was controlled by a boutique broker with whom Aetos Japan had a strong relationship, enabling us to secure exclusive negotiating rights.
The property was purchased on the eve of the Covid-19 outbreak, and the surrounding area suffered during the pandemic, as the island houses many employees of nearby logistics and industrial facilities, with the subject property having over half of the rentable area being let by corporate tenants.
Despite the challenging environment, Aetos Japan negotiated rental increases with nearly twenty existing tenants under automatic-renewal leases (without providing any incentive), implemented cost-saving measures, repurposed unused parking spaces, and achieved value-add returns upon divestment.