Japan’s Mitsui Fudosan to undertake first residential housing project in Washington DC area, 330 units scheduled for completion in 2020
Mitsui Fudosan Co., Ltd., a leading global real estate company headquartered in Tokyo, announced that it has decided to undertake a rental housing project of 330 units, 4000 North Fairfax Drive (tentative name) in the Washington DC area through its subsidiary Mitsui Fudosan America, Inc.
This project is the Mitsui Fudosan Group’s first rental housing project in the Washington DC area, and is scheduled for completion in 2020. With the addition of this project, the Mitsui Fudosan Group will be engaged in five rental housing business projects in the U.S.
The planned location of this project is in a mature residential area with excellent transportation convenience, about 15 minutes by subway to the central DC area. The project will be a rare high-rise rental housing for this area, and will target business professionals working in the central DC area and the Dulles Technology Corridor where many IT and consulting companies are located together with employees at government-related organizations. Mitsui Fudosan plans to establish a property with high-grade specifications worthy of its good location with ample amenities such as gymnasiums, lounges, terraces, and outdoor swimming pools. The Jefferson Apartment Group, the joint developer, is purely a residential housing developer with abundant development and operational experience in major east coast cities, centered on the Washington DC area. Mitsui Fudosan will move ahead with the project by leveraging the residential development and marketing expertise it has cultivated in Japan in combination with the joint developer’s local expertise to maximum effect.
The Mitsui Fudosan Group has positioned overseas business as one of its growth areas. In the U.S., the Group is involved in various development projects including offices and rental housing. The Group will further expand its property portfolio in the U.S. with this rental housing project in the Washington DC area, aiming to secure further business opportunities in the future. Under the Group’s “Innovation 2017 Stage II” medium-term business plan through fiscal 2017, announced in May 2015, the Group has planned to execute investments of approximately ¥550 billion in Europe, the U.S., and Asia over a period of three years from 2015 to 2017. At present, the Group is making steady progress with those investments.
Source: Mitsui Fudosan Group