#United States #Long Beach #Sumitomo Forestry #Tokyo Tatemono #Jefferson Portico

Introduction

In a significant move to cater to the increasing housing demand in California, Tokyo Tatemono Co., Ltd. and Sumitomo Forestry Co., Ltd. have joined forces for a rental housing development project named the "Jefferson Portico." This ambitious initiative, executed through Tokyo Tatemono's U.S. subsidiary, Tokyo Tatemono US Ltd., and JPI Group, a subsidiary of Sumitomo Forestry, marks their fourth collaboration in the U.S. housing sector.

Project Overview

The Jefferson Portico project is set in Long Beach, California, approximately 40 minutes from downtown Los Angeles. This modern living space will feature commercial facilities on the first two floors, including restaurants and shops, while the upper levels will be designated for residential units. The apartment offerings will range from studio layouts to three-bedroom options, addressing a diverse demographic from singles to families.

To differentiate from surrounding properties, the shared spaces will be designed for comfort and style, featuring a spacious fitness center with high ceilings, a pool, a sky deck providing stunning views of Long Beach Harbor, a clubhouse, and a sauna. Additionally, the project will include co-working spaces and a pet spa, catering to various lifestyles and ensuring a high-quality living experience.

Property Details

• - Name: Jefferson Portico
• - Location: 450 the Promenade North, Long Beach, LA
• - Site Area: Approximately 6,394 square meters
• - Total Floor Area: Approximately 22,498 square meters
• - Structure: An eight-story building with a podium structure, incorporating wooden framework construction with reinforced concrete for levels three and up, accommodating residential and commercial spaces.
• - Usage: Residential (272 units) and commercial (approximately 1,750 square meters)
• - Affordable Housing: 16 units designated as affordable housing
• - Construction Start Date: November 18, 2025
• - Rental Start Date: September 2027
• - Completion Date: March 2028

Location Highlights

Long Beach, located in the southern part of the Los Angeles metropolitan area, is known for its excellent transportation access and quality of life. This strategic location provides close proximity to major highways, with an easy 30-minute drive to Los Angeles International Airport and just 12 minutes to Long Beach Airport, a hub for domestic flights.

The project is further enhanced by the conveniently located 5th St. station, enabling direct light rail connections to downtown Los Angeles. Access to surrounding employment centers, such as Orange County and South Bay's industrial areas, is notably efficient.

Long Beach City boasts a promenade lined with restaurants and commercial facilities, promoting a walkable environment. The area has seen significant redevelopment efforts, amounting to several million dollars, including waterfront development anchored by attractions like the renowned Aquarium of the Pacific. The construction of a new city hall in 2019 and recent parks and library improvements indicate ongoing growth and community investment.

About the Companies

Tokyo Tatemono

Tokyo Tatemono has identified international expansion as a key strategic focus in its long-term vision, "To Be the Next-Generation Developer," targeting investments in overseas markets, including the United States, Australia, Thailand, and China. Plans include an investment of 110 billion yen in international operations during the mid-term management period from 2025 to 2027. Since 2023, with the establishment of Tokyo Tatemono US, the company has collaborated with experienced local partners on a total of 11 projects, aiming for over 20 billion yen in annual investment opportunities.

Sumitomo Forestry

Sumitomo Forestry Group entered the U.S. rental apartment market in 2018 and ranks fourth nationwide for planned construction of multifamily housing units, highlighting its substantial growth in this sector. Their subsidiary, JPI, specializes in developing rental residential buildings across Texas. With a commitment to sustainable practices and a global vision termed "Mission TREEING 2030," the company strives to enhance carbon absorption and promote wooden architecture while advancing its footprint in the U.S. market.

Note: This release contains images and facility outlines based on current plans, and changes may occur.

Conclusion

The Jefferson Portico project exemplifies the proactive and innovative approach of Tokyo Tatemono and Sumitomo Forestry in meeting the housing needs of a rapidly growing population in Long Beach, promoting both a vibrant community and economic development in the area.