Weave Living founder and CEO Sachin Doshi (Image: Weave)
Weave Living and KKR have fully exited their Japan multi-family partnership through a recapitalisation with a gross realisation value of JPY 55 billion ($350 million), market sources confirmed to Mingtiandi, with the transaction completed on Monday.
The buyer of the 14-asset Tokyo portfolio was not disclosed, with Weave describing the new capital partner only as a prominent Southeast Asian investor in a LinkedIn post. Weave currently has a South Korean venture with Singapore sovereign fund GIC, which has previously invested in Japan residential strategies with fund managers including Germany’s Patrizia and Rava Partners.
Weave said the transaction was one of Japan’s largest residential exits in the past 12 months and the market’s first institutional exit of scale in the long-stay furnished accommodation segment. In response to inquiries from Mingtiandi, Weave representatives declined to comment on financial details of the transaction.
“This transaction is a testament to Weave Living’s ability to source, capitalise, manage and deliver successful investment outcomes,” said founder and CEO Sachin Doshi. “We thank KKR for their strategic partnership and congratulate them on this monetisation.”
Tokyo Portfolio Changes Hands
The rental apartment specialist will remain as investment manager, asset manager and operator for the portfolio, with further acquisitions planned under the recapitalised venture. Weave did not name the properties included in the sale but indicated that the assets include locations in Roppongi, Azabu, Shirokane and Asakusa.
KKR Japan CEO Hiro Hirano (Image: KKR)
Weave and fund manager KKR established Weave Living Japan Residential Venture I in November 2024 with 11 newly built Tokyo properties comprising 439 units that Weave had acquired and stabilised during the preceding year. The seed assets were operating at close to full occupancy under a mix of traditional and fixed-term leases.
The programme had been previewed nine months earlier as the first in a series of Japan-focused vehicles targeting an initial $500 million in equity, as Weave raised fresh capital from Doshi and private equity firm Warburg Pincus. The venture aimed to assemble more than 3,000 units, initially in Tokyo with potential expansion into Osaka.
KKR invested in the partnership through its $1.7 billion Asia Real Estate Partners fund, the Manhattan-based firm’s first dedicated property vehicle for the region.
The partners agreed to acquire another six Tokyo properties in June 2025, increasing the venture’s portfolio to 17 buildings and adding more than 240 furnished apartments scheduled to open from the second half of that year.
Three of the additions were in the upscale Minato ward neighbourhoods of Roppongi, Minami Azabu and Shirokane. The Roppongi and Minami Azabu projects introduced the premium Weave Residences brand to Japan with spacious, furnished homes aimed at executives, while the other properties were positioned under the Weave Place flexible-rental label.
Weave’s Tokyo line-up at the time included Weave Place properties in Shinkamata, Kanda East, Asakusa South, Asakusa Kaminarimon, Ueno South, Waseda Park, Higashi-Koenji, Monzennakacho, Morishita, Ryogoku and Kunitachi.
The current portfolio comprises 14 long-stay furnished accommodation assets after the venture sold three traditional multi-family properties to domestic investors in late 2025.
Weave owns and manages more than JPY 110 billion in Tokyo assets with partners including MUFG, BGO and Aberdeen. Those tie-ups include an MUFG-anchored vehicle holding 11 buildings valued at JPY 20 billion, a JPY 22 billion, 10-property venture with BGO and a JPY 15 billion portfolio of six assets acquired with Aberdeen for an investor identified by market sources as Dutch pension manager PGGM.
Korean Assets in Play
KKR’s Japan exit comes as the fund manager and Weave are said to be seeking buyers for a 376-unit Seoul rental housing portfolio after an attempt to sell the three properties as a package reportedly failed to produce a quick deal.
The partners are now marketing Weave Suites Seonyu Parkside, Weave Place Hoegi and Weave Place Gangnam Station individually, with ChosunBiz reporting that at least two bidders had emerged for some of the assets. The sale effort follows tax increases affecting investors with multiple homes after Seoul and parts of Gyeonggi province were designated as regulated zones last October.
Weave is expanding elsewhere in the Korean capital, having agreed to acquire a second rental housing asset near Seoul National University through a venture with a leading global institutional investor identified by local market sources as GIC.
The 78-apartment Rich Tower near Seoul National University Station follows the venture’s acquisition last October of a 143-unit officetel in Dongdaemun. The partnership was launched with KRW 220 billion in initial equity commitments and targets KRW 635 billion ($450 million) in assets, with Weave holding a 10 percent stake and serving as investment, development and operating manager.
Founded by Doshi in 2017, Weave owns and manages 67 residential properties across Hong Kong, Singapore, Japan, South Korea and Australia under six brands spanning luxury homes, serviced and furnished apartments, traditional rentals, co-living studios and student housing.