Oakwood Worldwide® Expands Presence in Raleigh, N.C.

Oakwood Raleigh at Brier Creek features fully furnished corporate apartments

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May 05, 2015, 01:50 ET

LOS ANGELES, May 5, 2015 /PRNewswire/ -- Oakwood Worldwide^®, the global leader in corporate housing and serviced apartment solutions, today announced it has added a 300-unit apartment complex in Raleigh, N.C. to its global portfolio. The contemporary complex, renamed Oakwood Raleigh at Brier Creek, was purchased by Singapore-based Mapletree Group as part of its joint venture with Oakwood Worldwide.

Exterior shot of Oakwood Raleigh at Brier Creek

"We're particularly excited to add this property to our portfolio because we have a number of guests in the building already," said M. Scott Orrantia, senior vice president and chief investment officer, Oakwood Worldwide. "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."

Recognized as one of the best places for business and careers in 2014 by Forbes magazine, Raleigh, N.C. is home to Research Triangle, one of the country's largest and most successful research parks and a major center in the United States for high-tech and biotech research. The quickly growing city has increasing career opportunities in education, medicine, technology and government sectors.

"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 world-class amenities including a heated pool, private theatre and sport courts.

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