Oakwood Worldwide® Expands Global Network with New Branded Property in Seattle

LEED Silver certified building strengthens Oakwood Worldwide's robust presence in key Northwest market

News provided by

Jul 29, 2015, 01:41 ET

LOS ANGELES, July 29, 2015 /PRNewswire/ -- Oakwood Worldwide^®, the global leader in corporate housing and serviced apartment solutions, today announced it added a newly constructed 100-unit multifamily apartment complex in the vibrant South Lake Union sector of Seattle. This LEED Silver certified complex, newly re-named Oakwood Seattle South Lake Union, is the fifth acquisition by Singapore-based Mapletree Group as part of its joint venture with Oakwood Worldwide.

"Seattle is such a vibrant city with tremendous job growth, driving increased demand for corporate housing from our global clients," said Scott McDonald, senior vice president operations and service excellence, Oakwood Worldwide. "South Lake Union is the perfect location for expansion, allowing us to strengthen our presence in the marketplace and offer our clients increased choice and flexibility to meet their corporate housing needs."

Oakwood Seattle South Lake Union provides studio, one-, and two- bedroom apartments with sustainability-oriented amenities; including eco-friendly landscaping and energy efficient appliances. The stylish floor plans feature expansive windows with city and lake views, wood plank style flooring, subway tile backsplashes, quartz countertops and stainless steel appliances. The property's community amenities include a resident lounge with a community kitchen, pool table, shuffle board table, dart boards and pinball machines. Residents can also enjoy a multi-screen theater/gaming den with surround sound, or relax on the rooftop deck with BBQs and outdoor fireplace, taking in views of the downtown Seattle skyline and Lake Union.

Located in the heart of South Lake Union, the property is in an ideal neighborhood for professionals, with restaurants, bars, cafes and retail shops within easy walking distance. The property is only a six-minute drive, or 30-minute walk, to central downtown and 20 minutes to Seattle-Tacoma International Airport.

"The size, age and contemporary style of this property fit perfectly within our strategy to expand our presence of branded buildings across the globe," said Mike Jara, west coast acquisitions director, Oakwood Worldwide. "As our first property in the Pacific Northwest, Oakwood Seattle South Lake Union complements our recent acquisitions in Raleigh, Dallas and the Silicon Valley. Oakwood Worldwide and Mapletree will continue to target properties in strong job growth markets throughout the U.S."

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 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. By combining the strengths as a developer, an investor and a capital manager, the Group has established a track record of award-winning projects in Singapore, and delivers consistent and high returns across various real estate classes in Asia.

As of 31 March 2015, Mapletree owns and manages S$28.4 billion of office, logistics, industrial, residential, corporate lodging/serviced apartment and retail 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 Singapore and 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.

Photo - http://photos.prnewswire.com/prnh/20150729/249054

Logo - http://photos.prnewswire.com/prnh/20150401/196031LOGO

SOURCE Oakwood Worldwide