Daiwa House Finalizes Project Overview of Cooper Street Rental Housing Development near Boston, U.S.A.

- Fourth U.S. Joint Real Estate Project with Lincoln Property -

Mar 03, 2016, 00:00 ET from Daiwa House Industry Co., Ltd.

OSAKA, Japan, March 3, 2016 /PRNewswire/ -- Daiwa House Industry Co., Ltd. is pleased to announce that a project outline has been finalized for Cooper Street, a rental housing development project in Waltham, a suburb of Boston, Massachusetts, U.S.A., where we launched the project by acquiring land on January 28, 2016.

(Photo: http://prw.kyodonews.jp/prwfile/release/M000427/201603028458/_prw_OI1fl_cl8llxV2.jpg)

Cooper Street, which is being managed through our local subsidiary Daiwa House Texas Inc., is the fourth joint project with major U.S. real estate company Lincoln Property Company (hereinafter "Lincoln Property"). The other three projects are the Berkeley (Fort Worth, Texas), Water's Edge (Farmers Branch, Texas) and North Clark (Chicago, Illinois).

Through our local subsidiary, Daiwa House is purchasing and developing rental real estate with a goal of increasing our managed properties from the current 1,713 units (*) to 5,000 units during fiscal 2016 and achieving sales of 50 billion yen in the U.S.A. by fiscal 2018.

Combined with current business development initiatives in Asia and Australia, Daiwa House will aim for the rapid achievement of 500 billion yen in overseas net sales and the continuance of expanded operations.

(*) Total units for completed projects and projects with finalized plans, excluding Cooper Street.

Project Outline
Project name: Cooper Street
Location: 20 Cooper Street, Waltham, Middlesex County, MA 02453, United States
Total number of units: 264 (5 above-ground stories)
Total site area: 17,492 square meters (5,291 tsubo)
Total floor area: 26,587 square meters (8,042 tsubo)
Construction: Five-story wood construction
Unit floor area: 65.03 square meters to 109.25 square meters
Floor plan: 4 studio units, 174 one-bedroom units, 86 two-bedroom units
Monthly rental price: Approximately 230,000 yen to 320,000 yen
                      (converted at US$1 = 115 yen)
Planned construction start: February 2016
Scheduled date of completion: December 2017
Available: September 2017 (Rentals to start from completed units)

About Daiwa House Industry Co., Ltd.

Head office: Osaka, JAPAN
President: Naotake Ohno

SOURCE Daiwa House Industry Co., Ltd.