Why an Investor From Singapore is Betting on Seattle
As an international buisness and tech hub, Seattle's attracting the attention of corporations worldwide that want a piece of the action. Oakwood Worldwide SVP Scott McDonald tells us that's driving demand here for corporate housing.
Seattle's a city with tremendous local job growth, but it's also seeing increased demand for corporate housing from global corporations, Scott says. Recently Singapore-based Mapletree Group, as part of a JV with Oakwood Worldwide, which specializes in corporate housing and serviced apartments, acquired the 100-unit Hue apartment complex in South Lake Union. “The location allows us to strengthen our presence in the marketplace and offer increased choice and flexibility in meeting corporate housing needs,” he adds.
The property is the first Oakwood-branded property in the Pacific Northwest that Mapletree has purchased, and the fifth overall as part of the JV. The LEED Silver complex at 717 Dexter Ave N, originally developed in '12 by Holland Partner Group of Vancouver, has been newly renamed Oakwood Seattle South Lake Union. It offers studios and one- and two-bedroom units with sustainability-oriented amenities, such as eco-friendly landscaping and energy-efficient appliances.