Kanden Realty & Development
As we all may know or may not know, Kansai Electric’s (関西電力) subsidiary Kanden Realty & Development (関電不動産開発) is the developer for the Cielia Condominium Series, who is also one of about 10 developers in the Umekita Project 2. Looking to see if there are any updates with the Umekita Project 2, we stumbled upon Kanden Realty & Development’s press release for their project in Washington D.C.
We wanted to share this information with you all since we thought the project is pretty neat.
For the original Japanese press release click here, 米国ワシントン D.C.における 賃貸住宅開発事業への参画に関するお知らせ。
Alta 801 Project
The Alta 801 Project will be a joint venture of Kanden Realty & Development’s U.S based subsidiary, Kanden Realty & Development America LLC and Mitsubishi Shouji’s (三菱商事) U.S subsidiary Diamond Realty Investments, Inc.
This project is to develop rental housing (apartment complex) in the center of Washington, D.C., planned by a local developer, with 5 floors above ground and 3 basement, with a total of 327 units. The site is located about 2 km from White House, about 1 km from the Capitol Building, and about 500 m from Union Station. Conveniently located close to supermarkets, drug stores, and multiple metro lines. This project being developed in a highly convenient location, the main target is young professionals (young persons who work in the profession of finance, lawyers, IT, and government agencies) living alone or double income households (DINKS).
This project will be Kanden Realty & Development’s first rental housing development project in the United States. Through this project, they hope to build relationships with local developers, deepen their knowledge of the rental housing development business in the United States, accumulate knowledge, and to expand profits in future overseas ventures.
Location: 801 New Jersey Avenue NW, Washington, DC
Site area: 6,604m² (71,085 sq ft.)
Total floor area: 20,577m² (867,324 sq ft.)
Occupied area: 19,421m² (209,046 sq ft.) total area of all units
Total number of units: 327 units
Schedule: Completed in January 2023
The Alta 801 Project being Kanden Realty’s first rental housing development project, they also made a press release back in January 2021 regarding their first development of a condominium complexes in Glendale, California (Los Angeles County). This project will be a joint venture with a local developer from Pasadena, Adept Development.
We decided to highlight the project in Washington D.C because of our east coast bias as well as the fact the project will be a joint venture between two Japanese developers on US soil.
Kanden Realty & Development also acquired an apartment complex in the northeastern suburb of Dallas, Texas. This joint venture with a local property management company being the first involvement in the acquisition and operation of rental housing in the United States.
For additional information or any questions please contact us here