US: Oakwood Worldwide has added a newly constructed 149-unit multi-family apartment complex in Mountain View, California, to its portfolio.
The property is the third acquired in the area, and the seventh
property acquired in the US by Singapore-based Mapletree Group, as
part of the joint venture between Mapletree and Oakwood
"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."
Oakwood Mountain View consists of one- and two-bedroom furnished and unfurnished apartments with 10 different open floor plans. Some of the unfurnished units will be reserved for affordable housing for long-term tenants.
"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, for 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."