LOS ANGELES, CA - Oakwood Worldwide, the global leader in corporate housing and serviced apartment solutions, has added a 141-unit apartment complex in Redwood City, Calif., to its global portfolio through its $4 billion joint venture with Singapore-based Mapletree Group. The property is the third Oakwood-branded property acquired by the Mapletree Group as part of its collaboration with Oakwood Worldwide, and the second within the growing technology center of Silicon Valley.
The property, formerly known as The Lane on the Boulevard, is located at the heart of Redwood City – just south of San Francisco and north of San Jose. Its proximity to Silicon Valley allows it to cater to world-leading technology and healthcare companies.
"I'm very pleased to include Oakwood Redwood City in our worldwide network," said Scott Orrantia, senior vice president and chief investments officer, Oakwood Worldwide. "Redwood City is one of the most desirable and emerging areas in Silicon Valley. The demand for corporate housing far exceeds the capacity in this region, and this level of property will allow us to provide our clients with attractive housing options in close proximity to their offices."
The Oakwood property is less than a mile away from downtown Redwood City with access to shopping, popular restaurants and entertainment activities. Residents will have easy access to major freeways as well as local and regional transit systems and transportation routes.
The property consists of one- and two-bedroom apartments with 10 diverse floor plans to meet guests' varied needs. Oakwood Redwood City provides residents with world-class amenities including a pool, gym and social lounge.
"The addition of Oakwood Redwood City to the growing portfolio of Oakwood-branded properties under the partnership between Mapletree and Oakwood is aligned with our clients' needs and the continued strategic global expansion of the Oakwood Worldwide brand of products and services," said Ric Villarreal, president of Oakwood Worldwide.
The brokerage assignment was handled by Stan Jones, Phil Saglimbeni and Sal Saglimbeni of Institutional Property Advisors, a Marcus & Millichap Company.
Source: Oakwood Worldwide / #Apartments #Multifamily