Daiwa House Industry Co. said Monday it will start developing and managing a rental apartment complex in Fort Worth, Texas, in April in collaboration with Lincoln Property Co. of the United States.
The builder withdrew from U.S. real estate in 1984 but has decided to re-enter the market amid improved conditions.
Daiwa House will purchase the 406-unit complex from Lincoln and acquire the adjacent property to build another apartment complex consisting of 310 units. It is slated to be completed in 2015.
Daiwa House aims to achieve annual revenue of ¥50 billion by fiscal 2018 by investing a total of about ¥150 billion in the project over a three-year period through 2016.