Participation in a New Rental Housing Development Project in Atlanta, Georgia, USA

NTT Urban Development Corporation

NTT Urban Development Corporation (Headquarters: Chiyoda-ku, Tokyo; President and CEO: Hiroshi Ikeda) is pleased to announce that, through its local U.S. subsidiary (NTT UD USA Inc.), it has partnered with Crescent Communities, LLC (Headquarters: Charlotte, North Carolina; CEO: Brian Natwick), a U.S. real estate development subsidiary of Sumitomo Forestry Co., Ltd. (Headquarters: Chiyoda-ku, Tokyo; President and Representative Director: Toshiro Mitsuyoshi), to participate in the 'NOVEL Lulah Hills' rental housing development project in Atlanta, Georgia, USA.

This project is a 6-story, 303-unit multi-family residential complex. Construction is scheduled to begin in December 2025, with completion expected in fiscal year 2028.

Atlanta is one of the cities in the U.S. where economic growth and job creation are expected to continue, thanks to relatively low taxes and living costs, as well as proactive corporate attraction policies. Consequently, the city is experiencing steady population growth within the Sun Belt region, leading to sustained demand for high-quality housing. This project marks our first residential development in Atlanta and our third city in the Sun Belt region, following Dallas, Texas, and Orlando, Florida.

In addition to our existing offices in New York and Boston, we opened a Dallas office in July 2025 to create business opportunities in the Sun Belt region. We will continue to strengthen our partnerships and strive to advance our projects.

■ Project Overview

The property is located in the 'Decatur area,' approximately 10 km northeast of the city center. It is a popular residential area with excellent transportation access, situated about a 20-minute drive from Midtown and Buckhead, where major corporations and startups are concentrated. The surrounding area is home to numerous educational and medical institutions, including Emory University, founded in 1836, which is expected to drive continuous housing demand alongside population growth.

Furthermore, this property is part of 'Lulah Hills,' a large-scale mixed-use development being advanced by major U.S. commercial developer EDENS on the site of a former shopping mall. Lulah Hills spans over 30 hectares and will include various commercial facilities such as a supermarket and movie theater, approximately 1,800 residential units, and walking paths connecting to Emory University and nearby nature preserves. This project will be the first rental housing development to break ground within Lulah Hills.