Oakwood buys Chicago apartment building

George Sell By George Sell
11 January 2019 | Updated 11 January 2019

US: Oakwood has acquired Jones Chicago by Mapletree, a 25-storey residential property at 220 West Illinois Street, in Chicago's River North neighbourhood.

Renamed as Oakwood Chicago River North, the property "will offer business professionals, individual travellers and long-term residents a luxurious furnished apartment experience - as well as unfurnished leases of nine months or more - in one of Chicago's most vibrant, in-demand neighbourhoods".

Oakwood Chicago River North comprises 188 units on 25 floors and offers a variety of one- and two-bedroom configurations. The Hartshorne Plunkard Architecture-designed building is LEED Gold Certified and offers city views with floor-to-ceiling windows. Amenities include a rooftop lounge, a pool and sundeck area, modern athletic/fitness facilities, a covered dog run and dog-washing stations. The address carries a Walk Score® of 95 - ideal for pedestrians and residents to traverse the city.

"Mapletree is pleased to expand its footprint in the United States (US), with Oakwood Chicago River North joining our portfolio, which currently includes properties situated in Los Angeles, Redwood City, Seattle and Raleigh," said Chua Tiow Chye, deputy group chief executive officer. "Chicago is a top destination for many of the world's biggest companies, and we invested significant resources in selecting the best neighbourhood for Oakwood's global clients, as well as corporate and leisure travellers."

Oakwood CEO Chris Ahearn said: "The addition of Oakwood Chicago River North - which will be one of Oakwood's premier furnished and serviced apartment properties in the US -  to our growing portfolio reflects our evolving approach to global expansion."

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