Dash Living Acquires c.US$400 Million of Tokyo Multifamily Assets

Assets span c.550 keys across 8 properties in core Tokyo Districts, bringing Dash Living's global portfolio to 42 assets

TOKYO, March 19, 2026 /PRNewswire/ -- Dash Living, Asia Pacific's leading fully integrated living sector investment and operator platform backed by Rava Partners (the real assets strategy of Hillhouse Investment), has announced the acquisition of a portfolio of eight multifamily assets in Tokyo with a gross asset value of approximately US$400 million.

The eight assets are located in the prime residential districts of Kuramae, Ryogoku, and Nezu — all now live and accepting bookings — as well as Toranomon, Shinjuku, Hatagaya, Nishi Shinjuku Gochome, and Azumabashi, scheduled for completion in stages throughout 2026. The portfolio comprises a mix of tenanted assets that will be gradually transitioned into Dash Living's operational management, alongside ground-up developments.

"What excites me most about this portfolio is not just the quality of the assets, but what it represents for our institutional partnerships," said Aaron Lee, CEO and Founder of Dash Living. "Our ability to source, structure, and operationalise investments of this calibre is what sets Dash Living apart, and we look forward to bringing more partners along as we continue to curate and grow this portfolio across the region."

Joe Gagnon, Co-Head of Rava Partners and partner at Hillhouse Investment, commented, "We are highly impressed with Dash Living's investment capabilities and, more importantly, their proven ability to generate rental uplift across their assets, supported by a proprietary tech-enabled platform that enhances asset performance and efficiency. Our conviction in the Dash Living platform and these investments remains strong, and we are excited to grow our institutional partnerships."

This acquisition brings Dash Living's total portfolio to over 2,000 keys across 42 locations in Hong Kong SAR, Singapore, and Japan. The company employs over 250 professionals and manages over US$1.1 billion in assets under management on an invested and committed basis. Dash Living partners with leading institutional investors including BlackRock, Greystar, PGIM, Schroders, and TE Capital, among others.

About Dash Living
Dash Living is Asia Pacific's leading manager and operator of living sector assets, with an active portfolio spanning Hong Kong SAR, Singapore, and Japan. In 2025, Dash Living was acquired by Rava Partners, the real estate private equity arm of Hillhouse, further strengthening its growth trajectory and regional expansion strategy. With more than 2,000 rooms under management, Dash Living delivers institutional-grade residential experiences through an integrated owner-operator-manager model, underpinned by technology and a commitment to regulatory compliance across all operating formats. The firm manages assets on behalf of internationally recognised real estate investment managers including BlackRock, Greystar, Schroders, PGIM Real Estate, and Hines, among others.

About Rava Partners
Rava Partners invests in real assets, partnering with quality business leaders to build the physical infrastructure that underpins Asia-Pacific's new economy. Rava Partners builds real asset platforms in growth sectors of Asia's economy such as education, logistics / industrial, life sciences / healthcare, multifamily accommodation, digital infrastructure and other specialized asset classes. Rava Partners is the real assets strategy established by Hillhouse together with Rava Partners senior management in 2020 as a complement to Hillhouse's broader private investment platform. Since its launch, Rava Partners has invested more than US$3 billion, on behalf of funds managed by Rava and Hillhouse, in more than 20 real estate companies across the Asia Pacific region. For more information, visit www.ravapartners.com

About Hillhouse
Founded in 2005 with initial funding from Yale University, Hillhouse Investment Management ("Hillhouse") is one of the world's largest global private alternative asset managers. The company invests on behalf of leading institutional clients around the world, including university endowments, foundations, and sovereign wealth funds across the Americas, Europe, Asia and the Middle East. Hillhouse's goal is to build a sustainable, forward-thinking company that creates lasting value for all stakeholders. Hillhouse offers a diverse range of investment strategies, including Buyout, Real Assets (Rava Partners), and Private Credit (Elham Credit). Starting from its first office in Singapore, Hillhouse today boasts an international team of over 450 professionals from more than 18 countries, with other offices in New York, Tokyo, London, Mumbai, Hong Kong, Amsterdam, Sydney, Shanghai and Beijing. The company has a proven track record of completing sophisticated multi-billion-dollar transactions in more than 30 countries worldwide. For more information, visit www.hillhouseinvestment.com

SOURCE Dash Living