Garden Grass Minamiazabu (formerly Masuda Homes)

Average price when sold by the developer: 1,400,000 Yen/sqm (All units sold out by July, 2011)
Size range: 143.94 ~ 189.09 sqm

Garden Grass Minamiazabu was originally called Masuda Homes and was a small block of rental apartments built for the expatriate market.  The 22-year old building was purchased by Atrium who completely renovated the building and then listed the individual apartments for sale. Since the bottom has fallen out of the expat rental market and vacancy rate for the luxury property market increase, these type of whole building renovation and sales are becoming more frequent as the rental apartments are longer providing profitable returns to the owners.

In 2008, prior to the Lehman collapse and pre-renovation, the average advertised rent in this building was 5400 Yen/sqm per month. After the renovation, the average advertised rent was 3700 Yen/sqm, down 31.5%.

The building has an elevator, trunkroom, and autolock system. The new renovation was designed by atelier NANJO.

Before the renovation

Location:

3-11-2 Minamiazabu, Minato-ku, Tokyo
Hiroo Sta. – 12 mins
Shirokanetakanawa Sta. – 15 mins

Details:

Built: 1989
Construction: 3 Stories

Sample Floorplans:

Interior Images:

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