On January 12, Daito Trust Construction Co., Ltd. (head office: Tokyo, Japan) acquired a 65-unit single building condominium complex in North Hollywood, Los Angeles County, California, through its U.S. subsidiary for a total price of approximately 30 million dollars.
Located near the North Hollywood Arts District, where residential demand is high, the condominium complex features extensive amenities, including a swimming pool and fitness center. Following renovations, we will launch condominium sales to Daito Group owners, businesses, and investors around summer 2026. After the sales, a Daito Group company plans to manage the complex under contract.
As a leader in rental housing construction, brokerage, management, and related fields in Japan, we have extensive expertise in rental management. In the United States, we launched in 2024 the purchase, renovation, and resale business on a full scale to renovate and sell properties we purchased. In July of that year, we opened an office for representatives of our local subsidiary Daito Kentaku USA, LLC in El Segundo, Los Angeles County, which acquired its first property in August. Since then, the company has acquired and renovated various properties, including a five-unit single building for luxury rental residential complex in West Hollywood and a five-unit single building wooden apartment in Torrance. In efforts to expand its business domain beyond the Los Angeles market, it is also engaged in an approximately 20-million-dollar brokerage business deal in New York.
We will continue building local networks and enhancing our local business foundations to expand the purchase, renovation, and resale business with the aim of becoming a world leader in number of units under management with 1.5 million units managed by 2029.