Oakwood Worldwide® Strengthens Silicon Valley Presence with New Property in Mountain View

Mountain View, Bay Area, Silicon Valley, Oakwood Worldwide®, Mapletree Group

Mountain View, Bay Area, Silicon Valley, Oakwood Worldwide®, Mapletree Group

[EDITOR’S NOTE: The transaction closed at $110 million, or just over $738,000 per door, according to public records.]

LOS ANGELES, Dec. 9, 2015 — Oakwood Worldwide®, the global leader in corporate housing and serviced apartment solutions, today announced it added a newly constructed 149-unit multi-family apartment complex in Mountain View, Calif., to its global portfolio of managed apartments.  This is the third property acquired in the area, and the seventh property acquired in the United States by Singapore-based Mapletree Group, as part of the joint venture between Mapletree and Oakwood Worldwide.

“Expectations of greater work/life balance and the fluidity of being able to work from home, the office and points in between are driving the evolution of what corporate housing looks like,” said T.J. Spencer, vice president sales, Oakwood Worldwide.  “Oakwood Mountain View provides that ideal balance between office and home, with its modern design and variety of community spaces, including a resident lounge, co-working spaces and private collaborative rooms that can be reserved by our guests and residents.  It is a perfect blend of living and working that will provide our guests with a sense of community, room to relax as well as a place to get some work done while they are traveling.”

Available for immediate occupancy, Oakwood Mountain View consists of one- and two-bedroom furnished and unfurnished apartments with 10 different large, open floor plans to meet guests’ varied needs.  Some of the unfurnished units will be reserved for affordable housing for long-term tenants.  All of the apartments feature spacious master suites with large closets and in-unit washers and dryers, well-equipped kitchens and private patios and balconies.  The furnished units, geared toward corporate travelers, feature modern, contemporary and transitional style furniture.  Each apartment also features a 48″ Smart TV in the living room.  The property provides residents with an outdoor spa, fitness room, co-working space and a pool with a sundeck.

The property is located near downtown Mountain View and is five minutes from the well-known Castro Street, which offers cozy cafés and renowned restaurants.  The weekly farmers market on Sunday is located just four blocks away.  Additionally, it is just minutes away from the Caltrain, US 101, San Jose Airport and San Francisco International Airport.

“From an investment point of view, this property is ideally located in the heart of Silicon Valley, a region ranked 16th in the country in terms of gross domestic product growth,” said Mike Jara, West Coast acquisitions director, Oakwood Worldwide.  “The demand for corporate housing far exceeds the supply in the area and the surrounding companies generate ever-increasing demand.  Oakwood Mountain View will allow us to meet our clients’ current needs as well as support their continued growth.”

About Oakwood Worldwide®
Oakwood Worldwide® is the premier provider of corporate housing and serviced apartment solutions through its well-known brands, Oakwood®, ExecuStay® and Insurance Housing Solutions™. With a presence in all 50 United States and more than 85 countries, the award- winning company provides move-in-ready furnished accommodations to meet the needs of global organizations, individual business travelers, insurance clients and leisure travelers alike. Oakwood Worldwide was founded in and continues to base its corporate headquarters in Los Angeles and operates regional headquarters in London, Phoenix and Singapore. For more information, please visit OakwoodWorldwide.com.

About Mapletree
Mapletree is a leading real estate development, investment and capital management company headquartered in Singapore. Its strategic focus is to invest in markets and real estate sectors with good growth potential. By combining its strengths as a developer, an investor and a capital manager, the Group has established a track record of award-winning projects in Singapore, and delivers consistent and high returns across various real estate classes. As at 31 March 2015, Mapletree owned and managed S$28.4 billion of office, logistics, industrial, residential, corporate lodging/serviced apartment and retail properties. Currently, it manages four Singapore-listed real estate investment trusts (REITs) and six private equity real estate funds, which together hold a diverse portfolio of assets in Singapore and Asia. In April 2014, Mapletree acquired 49% of Oakwood Asia Pacific (“OAP”) and inked a joint venture agreement with Oakwood Worldwide that will draw on Mapletree’s expertise in Asia to build a portfolio of Oakwood-branded properties in the region. Besides Asia, Mapletree will also directly acquire and develop serviced apartments under a license to use the Oakwood Worldwide brand in all markets, such as Europe, that are managed by OAP.  The joint venture will also see Mapletree acquire properties in US, which will be managed under the Oakwood brand.  For more information, please visit www.mapletree.com.sg.

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