Weave Teams Up with BGO to Buy $139M Tokyo Apartment Portfolio

Weave Living continues to expand its Tokyo apartment portfolio, and its arsenal of capital partners, with the rental housing investor and operator announcing on Wednesday that it has teamed up with BGO to purchase 10 apartment buildings in the Japanese capital. 

Led by founder and group CEO Sachin Doshi, Weave has formed a joint venture with BGO Strategic Capital Partners, a division of the North American fund manager, to acquire the residential assets, which are valued at around JPY 22 billion ($139 million), Weave said in a release.

Weave, which has partnered with international giants including BlackRock, KKR and Warburg Pincus, wrapped up fundraising for its first Japanese vehicle just two months ago, with Doshi pointing to this latest venture as underscoring its capabilities across the fund management spectrum. 

“This new partnership, formed shortly after the announcement of the closing of our first domestic fund in Japan anchored by MUFG, one of the country’s largest financial institutions, is further endorsement of our ability to consistently secure attractive off-market investment opportunities in a competitive market, while successfully raising institutional capital from high quality investors,” Doshi said in a statement. 

Faster Growth

The set of Tokyo properties adds to a Weave Japan portfolio said in November to be valued at JPY 90 billion, with the company noting that it has now acquired over JPY 60 billion in assets in Tokyo in the last six months, after first entering the market three years ago.

The deal comes as global investors continue to be drawn to living sector opportunities in Asia Pacific, with trades of rental housing assets in the region jumping 77 percent in 2025 compared to a year earlier, to reach $12.6 billion, according to JLL. With Japan dominating Asia Pacific’s living sector markets, the country continues to attract global investors as rents for homes in Tokyo and other major cities keep heading northward.

“This partnership underscores our conviction in the long-term fundamentals of Japan’s residential sector and in Weave Living’s ability to create exceptional value through their hands-on asset management approach utilising their unique digital platforms, combined with a strong on-the-ground local team,” John So, co-head and managing director with BGO Strategic Capital Partners said. 

The joint venture is acquiring the set of recently completed apartment buildings directly from a local developer in an off-market transaction, with Weave planning to market a portion of them under its Weave Base brand of unfurnished multi-family apartments. The company also plans to use properties from this latest acquisition to introduce new locations for its Weave Place line of long-stay, furnished apartments.

“These latest additions to our Japan portfolio are a demonstration of our commitment to offering a diversified mix of living options to discerning domestic and expat renters in prime Tokyo locations,” Doshi said. 

Regional Expansion Continues

Weave had closed out 2025 with its first exits in Japan, selling off a set of three apartment buildings in Tokyo at a combined exit value of JPY 7.2 billion, however, the company’s primary trend of late has been expanding its regional presence, while building its book of capital partners.

The joint venture with BGO brings Weave’s Asia Pacific portfolio to more than 53 properties in five gateway cities, including Hong Kong, Seoul, Singapore, and Sydney, in addition to Tokyo. 

Founded in Hong Kong in 2017, Weave made Japan investments last year with KKR, in addition to its venture with MUFG, while also working with KKR to acquire properties in Seoul. Also in 2025, Weave tied up with BlackRock and local developer Lian Beng to acquire a property in Singapore, and made its first Australian acquisition with the purchase of a Sydney asset in August.