US: Mapletree Investments has acquired a 184-unit freehold apartment complex in the heart of California’s Silicon Valley.
The Cascades Apartments in Sunnyvale is an residential rental
property development which will be retrofitted and upgraded into a
modern serviced apartment complex.
The property is Mapletree's first acquisition of a serviced apartment asset in the US following its partnership in April this year with Oakwood Worldwide. It will be fully owned by Mapletree and rebranded as Oakwood Silicon Valley.
Chua Tiow Chye, Mapletree's group chief investment officer, said: "This maiden acquisition of Oakwood Silicon Valley marks a good start to our partnership with Oakwood. Mapletree will continue to seek new investment opportunities in this asset class in Asia, the US and Europe. While this is our first serviced apartment venture in the US, the liquidity and transparency of the market will provide opportunities for us to participate in its recovering economy and scale up our business."