Oakwood Strengthens Serviced Apartment Footprint in Northern Virginia
Mapletree Investments acquires a 184-unit property located minutes from Washington, D.C. in Arlington's vibrant Rosslyn neighborhood
LOS ANGELES, Jan. 18, 2019 /PRNewswire/ -- Oakwood®, wholly owned by Mapletree Investments ("Mapletree"), announced today that it will manage Mapletree's latest acquisition of a 184-unit residential property at 1550 Clarendon Boulevard in Arlington, Virginia, from AvalonBay Communities, Inc.
Located in Arlington's desirable, bustling Rosslyn neighborhood, known for the quality lifestyle it offers, the property is conveniently located near Washington, D.C.'s Capitol Hill district, the Pentagon, Reagan Washington National Airport and the National Mall. Oakwood Arlington's units are fully furnished which offer business professionals, individual travelers and long-term residents a spacious, comfortable apartment stay experience. Oakwood has managed this property for more than a decade; Mapletree's purchase is based on its confidence in the growing Northern Virginia market.
"Mapletree is proud to continue expanding its footprint to include Northern Virginia. Like our recent acquisition in Chicago, we have been eyeing this region as it is a growth market," said Chua Tiow Chye, Mapletree's deputy group chief executive officer. "As Arlington and its surrounding neighborhoods continue to grow and attract global businesses, we are committed to investing and developing offerings for major corporations and the U.S. government through strategic acquisitions. The acquisition is part of a value-add strategy for Mapletree, and we will be investing more capital to enhance the quality of the building in the coming months to tie in with the expansion in the area," added Chua Tiow Chye.
Oakwood Arlington is just three blocks from the Rosslyn Metro Station, surrounded by hip restaurants, leading national and local retailers and boasts a Walk Score® of 95, providing convenient access for guests and residents. Directly across the Potomac River from Georgetown University and Washington's Foggy Bottom neighborhood, Oakwood occupants can look forward to a lively, exciting and liveable atmosphere, distinct from the daytime bustle of nearby Washington.
"Securing Oakwood Arlington, a premier property in one of Washington, D.C.'s most-desired neighborhoods, reinforces Oakwood's desire to simultaneously strengthen its offerings while establishing itself in one of the world's most significant hubs for business and government leaders," said Chris Ahearn, chief executive officer, Oakwood. "Northern Virginia is growing: it was recently selected as one of Amazon's two new headquarters. We are thrilled with Mapletree's decision to invest in the building and to continue managing this landmark property."
About Oakwood®
Oakwood®, a wholly owned subsidiary of Mapletree Investments, is the leading global accommodation solutions provider helping businesses and individual travelers be anywhere they need to be. With an extensive and flexible selection of move-in ready furnished and serviced apartments, Oakwood has enabled thousands of companies to expand their reach to more customers and markets. The award-winning company continues investing in its exclusive and growing portfolio of Oakwood-branded properties throughout the Americas, EMEA (Europe, the Middle East and Africa) and APAC (Asia Pacific) offering travelers a broad range of accommodation options from apartments with luxurious style and full amenities to sensible accommodations with modern essentials. For more information, please visit www.Oakwood.com.
About Mapletree
Mapletree is a leading real estate development, investment, capital and property management company headquartered in Singapore. Its strategic focus is to invest in markets and real estate sectors with good growth potential. By combining its key strengths, the Group has established a track record of award-winning projects, and delivers consistent and high returns across real estate asset classes.
Mapletree currently manages four Singapore-listed real estate investment trusts (REITs) and six private equity real estate funds, which hold a diverse portfolio of assets in Asia Pacific, the United Kingdom (UK) and the United States (US).
As at 31 March 2018, Mapletree owns and manages S$46.3 billion of office, retail, logistics, industrial, residential, corporate housing / serviced apartment, and student accommodation properties.
The Group's assets are located across 12 economies globally, namely Singapore, Australia, China, Germany, Hong Kong SAR, India, Japan, Malaysia, South Korea, the UK, the US and Vietnam. To support its global operations, Mapletree has established an extensive network of offices in these countries.
For more information, please visit www.mapletree.com.sg/ .
SOURCE Oakwood
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