Mitsui Fudosan to undertake first residential housing project in Washington DC area

Mitsui Fudosan Co Ltd, a leading global real estate company headquartered in Tokyo, announced Wednesday that it will undertake a rental housing project of 330 units 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 (4000 North Fairfax Drive-- tentative name) 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 said it 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.

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.

Under the group’s “Innovation 2017 Stage II” medium-term business plan through fiscal 2017, announced in May 2015, it 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.

© Source: Mitsui Fudosan