Oakwood Worldwide® Adds Redwood City Apartments to Global Portfolio

Re-branded property to feature fully furnished corporate apartments

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Apr 01, 2015, 12:07 ET

LOS ANGELES, April 1, 2015 /PRNewswire/ -- Oakwood Worldwide^®, the global leader in corporate housing and serviced apartment solutions, has added a 141-unit apartment complex in Redwood City, Calif., to its global portfolio through its $4 billion joint venture with Singapore-based Mapletree Group. The property is the third Oakwood-branded property acquired by the Mapletree Group as part of its collaboration with Oakwood Worldwide, and the second within the growing technology center of Silicon Valley.

The property, formerly known as The Lane on the Boulevard, is located at the heart of Redwood City – just south of San Francisco and north of San Jose. Its proximity to Silicon Valley allows it to cater to world-leading technology and healthcare companies.

"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 Oakwood property is less than a mile away from downtown Redwood City with access to shopping, popular restaurants and entertainment activities. Residents will have easy access to major freeways as well as local and regional transit systems and transportation routes.

The property consists of one- and two-bedroom apartments with 10 diverse floor plans to meet guests' varied needs. Oakwood Redwood City provides residents with world-class amenities including 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.

The brokerage assignment was handled by Stan Jones, Phil Saglimbeni and Sal Saglimbeni of Institutional Property Advisors, a Marcus & Millichap Company.

View all Oakwood Worldwide press releases online.

About Oakwood Worldwide^®

Oakwood Worldwide® is the premier provider of corporate housing and serviced apartment solutions through its well-known brands, Oakwood®, ExecuStay® and Insurance Housing Solutions™. With a presence in all 50 United States and more than 85 countries, the award- winning company provides move-in-ready furnished accommodations to meet the needs of global organizations, individual business travelers, insurance clients and leisure travelers alike. Oakwood Worldwide was founded in and continues to base its corporate headquarters in Los Angeles and operates regional headquarters in London, Phoenix and Singapore. For more information, please visit OakwoodWorldwide.com.

About Mapletree

Mapletree is a leading Asia-focused real estate development, investment and capital management company headquartered in Singapore. Its strategic focus is to invest in markets and real estate sectors with good growth potential. As of 31 March 2014, Mapletree owns and manages S$24.6 billion of office, logistics, industrial, residential and retail/lifestyle properties. Currently, it manages four Singapore-listed real estate investment trusts (REITs) and six private equity real estate funds, which together hold a diverse portfolio of assets in Asia.

In April 2014, Mapletree acquired 49% of Oakwood Asia Pacific Pte, Ltd ("OAP") and inked a joint venture agreement with Oakwood Worldwide that will draw on Mapletree's expertise in Asia to build a portfolio of Oakwood-branded properties in the region. Besides Asia, Mapletree will directly acquire and develop serviced apartments under a license to use the Oakwood Worldwide brands in all markets, such as Europe managed by OAP. The joint venture will also see Mapletree acquire properties in US which will be managed under the Oakwood brand. For more information, please visit www.mapletree.com.sg.

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SOURCE Oakwood Worldwide