LOS ANGELES, CA - Oakwood Worldwide, the global leader in corporate housing and serviced apartment solutions, has added a 184-unit apartment complex in Sunnyvale, California, to their global portfolio through its joint venture with Singapore-based Mapletree Group. The garden-style community, newly named Oakwood Silicon Valley, is located in the heart of one of the strongest rental markets in the country.
This is the first Oakwood-branded property acquired as part of Oakwood Worldwide and Mapletree Group’s recent multi-billion dollar joint venture. Oakwood Silicon Valley serves as a springboard for the partnership’s goal to open more than 100 new properties around the world over the next five years. Additionally, this transaction continues the evolution of the Oakwood brand, expanding the portfolio to meet growing demand for extended stay accommodations that offer the convenience and comforts of fully furnished living with industry leading amenities.
Originally named the Cascades Apartments, the property is comprised of six two- and three-story residential buildings nestled on approximately 4.9 acres of open greenbelts and walkways. The interiors feature in-unit laundry and sizeable private patios or balconies with storage. The community boasts well-appointed amenities including a resort-style swimming pool and spa, children’s playground, clubhouse and subterranean controlled-access parking.
“This community is perfect for our first Oakwood-branded property acquisition with our partner Mapletree,” Howard Ruby, chairman, founder and chief executive officer of Oakwood Worldwide, said. “As Mapletree looks to grow outside of the Asia Pacific region, Oakwood Worldwide will continue our search for the best corporate and serviced apartments throughout the world’s top markets – enhancing the extended stay business travel experience across the globe.”
Oakwood plans a multi-million dollar renovation to better align the property’s amenities and interior finishes with corporate client expectations. Unit interiors will be modernized with upgraded kitchens, new flooring throughout and contemporary lighting and plumbing fixtures. Common area enhancements include a clubhouse renovation and the addition of barbeques, providing residents with expansive indoor and outdoor social areas. A centrally located state-of-the-art fitness center and outdoor lounge will be added, perfect for relaxing in the shade of the property’s giant redwood trees.
“This property is as an ideal acquisition first and foremost due to its location,” said Mike Jara, acquisitions consultant for Oakwood Worldwide, who negotiated the deal for the buyer. “It’s ideally located near major roadways, public transit and top-rated public schools and minutes from leading high-tech employers including Apple, McAfee, Intel, Google, LinkedIn, Yahoo, Cisco and eBay. The community is also surrounded by a wide range of shopping, dining and entertainment options, providing great access to local amenities for business travellers and their families.”
“Mapletree’s acquisition of the Cascades was executed with efficiency and timeliness that was nothing short of impressive,” Kristen Zimmerman, vice president of Real Estate Investments, said. “The property was acquired for $70 million, all cash and with a very short due diligence and closing period following an extremely competitive bid process.”