US: Oakwood Worldwide has added a 300-unit apartment complex in Raleigh, North Carolina, to its global portfolio.
The complex, renamed Oakwood Raleigh at Brier Creek, was
purchased by Singapore-based Mapletree Group as part of its joint venture
with Oakwood Worldwide.
M. Scott Orrantia, senior vice president and chief investment officer at Oakwood Worldwide, said: "We're particularly excited to add this property to our portfolio because we have a number of guests in the building already. Demand for corporate apartments in the area currently exceeds the supply, so now that we're managing the entire building we'll be able to better meet the needs of our clients."
"This acquisition is the first East Coast acquisition in our joint venture with Mapletree, complementing the Silicon Valley and Dallas acquisitions," said John Hinkle, vice president of acquisitions, Oakwood Worldwide. "The property's size, amenities and location are ideally suited to the Mapletree investment strategy; 100-300 unit, well-maintained properties in strong job growth markets. We will continue to target similar assets throughout the United States as we diversify geographically as well as near the industries represented by our clients."
Oakwood Raleigh at Brier Creek is located within a short drive of shops and restaurants and very close to major transport routes, including the I70 and Northern Wake Expressway; additionally it is a 15-minute drive to the Raleigh-Durham International Airport.
It consists of one-, two- and three-bedroom apartments with amenities including a heated pool, private theatre and sport courts.