Oakwood, Mapletree Group Expand in Raleigh with Joint Venture Acquisition
- May 12, 2015
by Adriana Pop, Associate Editor
In a joint venture partnership with Singapore-based Mapletree Group, corporate housing leader Oakwood Worldwide has acquired a 300-unit apartment complex in Raleigh.
Renamed Oakwood Raleigh at Brier Creek, the pet-friendly community offers a mix of one-, two- and three-bedroom apartments. Amenities include a heated resort-style swimming pool, clubhouse with business center, private garages, fitness studio, indoor half basketball court, indoor racquetball court, sand volleyball court and a private theatre with surround sound.
“We’re particularly excited to add this property to our portfolio because we have a number of guests in the building already,” M. Scott Orrantia, senior vice president & CIO for Oakwood Worldwide, said in a news release. “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.”
According to John Hinkle, vice president of acquisitions for Oakwood Worldwide, this transaction marks the company’s first East Coast acquisition in its joint venture with Mapletree, complementing the Silicon Valley and Dallas acquisitions.
“The property’s size, amenities and location are ideally suited to the Mapletree investment strategy; 100- to 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,” Hinkle added.
Oakwood Raleigh at Brier Creek is located in the heart of the Research Triangle, one of the country’s most prominent research and development centers. The property is a short drive to an array of shops and restaurants and very close to major transport routes, including the I70 and Northern Wake Expressway. It is also an easy commute to major employers such as Duke University, IBM, GlaxoSmithKline, Credit Suisse, Cisco and Microsoft.
Photo credits: Oakwood Worldwide