Oakwood Continues SV Expansion
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The firm just picked up a 141-unit building in Redwood City, banking on the surrounding tech hub to keep it full. The acquisition comes as a result of its $4B joint venture with Singapore-based Mapletree Group, and the property is being rebranded from The Lane on the Boulevard to Oakwood Redwood City. LA-based Oakwood Worldwide's brands include Oakwood, ExecuStay and Insurance Housing Solutions.
It's the third Oakwood-branded property acquired by the Mapletree Group as part of its collaboration, and the second within Silicon Valley. The demand for corporate housing far exceeds the capacity in Redwood City, notes Oakwood SVP Scott Orrantia, hence the interest. The property consists of one- and two-bedroom move-in-ready furnished units with 10 floor plans, as well as a pool, gym and social lounge.