US: Oakwood Worldwide has added a 141-unit apartment complex in Redwood City, California to its portfolio.
The property is the third Oakwood-branded property acquired by
Singapore-based Mapletree Group as part of its $4 billion joint
venture with Oakwood Worldwide, and the second within the Silicon Valley area.
The property, formerly known as The Lane on the Boulevard, is close to downtown Redwood City - south of San Francisco and north of San Jose.
"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 property consists of one- and two-bedroom apartments, 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.