Japanese real estate developer Mitsui Fudosan plans to invest more than 450 billion yen, equivalent to about $2.8 billion, to develop rental housing projects in the southern region of the United States by fiscal year 2030.
According to the report, the company plans to construct around 20 buildings comprising nearly 6,000 residential units in states such as Georgia, Texas, and Arizona.
Construction projects are expected to be carried out in nine U.S. cities, including Dallas and Phoenix, according to a report by the German News Agency.
Company president Takashi Ueda pointed to a shortage in the supply of rental housing units in the southern United States, adding that he expects the real estate market to recover as interest rates decline.
