Oakwood Worldwide® Increases Presence in Los Angeles with Miracle Mile Complex (PR Newswire)
LOS ANGELES, Aug. 26, 2015 /PRNewswire/ — Oakwood Worldwide ®, the global leader in corporate housing and serviced apartment solutions, today announced it has added a 60-unit multifamily apartment complex in Los Angeles, newly renamed Oakwood Miracle Mile, to its global portfolio of managed apartments. The luxury apartment complex, originally known as Viridian, was purchased by Singapore-based Mapletree Group as part of its joint venture with Oakwood Worldwide.
“We’re excited to add this property to our portfolio because it is uniquely situated in the heart of one of the most vibrant cities in the world,” said Andreis Lewis, vice president, real estate management Oakwood Worldwide. “This centrally located building meets the needs of many of our clients no matter which direction work takes them. Additionally, we’re pleased to be adding another branded property in our hometown, where Oakwood Worldwide was founded and our corporate headquarters is located. With three branded buildings and more than 1,500 units in Southern California, we’re proud of our strength in this market, which allows us to serve the needs of so many clients.”
Oakwood Miracle Mile is a “walker’s paradise,” scoring a 92 walking score out of a possible 100, in the city known as the car capital of the world. It is also near a future Metro stop that will provide Oakwood Miracle Mile residents with a quick and reliable connection between Santa Monica and downtown Los Angeles.
The property consists of spacious one- and two-bedroom apartments with 17 diverse floor plans to meet guests’ varied needs. The property also provides residents with lavish amenities including a spa and cardio room, a dedicated concierge and a business center for the residents’ home office needs. Residents will also have restaurants, world-class museums and regional destination shopping centers right at their fingertips.
“This asset, being located in one of the United States’ most diverse cities, aligns perfectly with the Mapletree-Oakwood joint venture’s strategic investment strategy,” said Mike Jara, west coast acquisitions director, Oakwood Worldwide. ” Los Angeles is home to top employers across industries, including education, health, professional and business services and entertainment. Mapletree’s acquisition of Oakwood Miracle Mile continues the strong momentum the joint venture has built on the West Coast, with the recent acquisitions in Seattle and Silicon Valley.”
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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.
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 in Asia.
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 Pte, Ltd (“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.
SOURCE Oakwood Worldwide