Oakwood JV With Asian Investor Makes LA Apartment Buy
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Oakwood Worldwide has joined forces with Singapore-based real estate investor Mapletree Group yet again to acquire a 60-unit apartment complex on the Miracle Mile (pictured). Oakwood Miracle Mile, as it will be called, is close to job centers and has a walk score of 92, making it an ideal prospect for corporate housing, a strategy Oakwood is employing. The luxury complex is fairly new, so there are no plans to renovate yet. Oakwood Miracle Mile, originally named Viridian, has one- and two-bedroom apartments with 17 different floor plans and a spa, cardio room and business center. No word on the sales price of the property, but it last sold for $32M in May 2014. This is Oakwood and Mapletree's sixth acquisition in the last year. The JV has already closed on over $300M and is checking out new acquisitions nationwide. [GS]