Oakwood Worldwide’s Strategy of Appealing to Commuters

Oakwood Worldwide's new acquisition is in an "ideal" location.

Los Angeles—Oakwood Worldwide has announced it has added to its portfolio of managed apartments a 60-unit luxury multifamily community in Los Angeles.

Originally called Viridian, the property has been rechristened Oakwood Miracle Mile. The name reflects the property’s status as a “walker’s paradise,” scoring a 92 out of a possible 100 walk score. It was purchased by Singapore-based Mapletree Group as part of its joint venture with Oakwood Worldwide.

“This property is located in one of the United States’ most diverse cities, and it aligns perfectly with the Mapletree-Oakwood joint venture’s strategic investment strategy,” Mike Jara, Oakwood’s West Coast acquisitions director, told MHN.

“Los Angeles is home to top employers across industries, including education, health, professional and business services and entertainment,” Jara said. “Mapletree’s acquisition of Oakwood Miracle Mile continues the strong momentum the joint venture has built on the West Coast, with the recent acquisitions in Seattle and Silicon Valley. Additionally, we’re pleased to be adding another branded property in our hometown, where Oakwood Worldwide was founded and our corporate headquarters is located.”

Oakwood Miracle Mile features 17 different floor plans and spacious one- and two-bedroom apartments. Upscale amenities include a spa and cardio room, dedicated concierge and business center. Near the property are restaurants, world-class museums and regional destination shopping centers. The community is also close to a future Metro stop that will enable residents to commute quickly and easily to Santa Monica and downtown Los Angeles.

“From our perspective, this building provided an ideal location, on-site amenities and an overall value to better serve our clients,” Jara reported. “Our joint venture with Mapletree allowed us to make a compelling offer with certainty of deal closure that was very valuable to the seller.”

The central location meets the needs of many renters, no matter what direction work takes them, noted Andreis Lewis, vice president of real estate management for Oakwood Worldwide.

“With three branded buildings and more than 1,500 units in Southern California, we’re proud of our strength in this market, which allows us to serve the needs of so many clients,” Lewis said.