Mapletree-Oakwood JV Adds a Leaf in South Lake Union
- Jul 31, 2015
By Keith Loria, Contributing Editor
Singapore-based Mapletree Group, as part of a serviced apartment joint venture it signed with Oakwood Worldwide last year, acquired Hue Apartments, a 100-unit multi-family complex in the South Lake Union sector of Seattle, renaming it Oakwood Seattle South Lake Union.
“The size, age and contemporary style of this property fit perfectly within our strategy to expand our presence of branded buildings across the globe,” Mike Jara, Oakwood Worldwide’s West Coast acquisitions director, told Commercial Property Executive. “As our first property in the Pacific Northwest, Oakwood Seattle South Lake Union complements our recent acquisitions in Raleigh, Dallas and the Silicon Valley.”
The LEED Silver-certified complex is the fifth Oakwood-branded property acquisition as part of Oakwood Worldwide and Mapletree Group’s multibillion-dollar corporate and serviced apartment joint venture that targets properties in strong job growth markets throughout the U.S.
“Seattle is such a vibrant city with tremendous job growth, driving increased demand for corporate housing from our global clients,” observed Scott McDonald, Oakwood Worldwide’s senior vice president operations. “South Lake Union is the perfect location for expansion, allowing us to strengthen our presence in the marketplace and offer our clients increased choice and flexibility to meet their corporate housing needs.”
Oakwood Seattle South Lake Union provides studio, one- and two-bedroom apartments with sustainability-oriented amenities including eco-friendly landscaping and energy-efficient appliances.
Community amenities include a resident lounge with a community kitchen, pool table, shuffleboard table, dart boards and pinball machines. Residents can also enjoy a multi-screen theater/gaming den with surround sound or relax on the rooftop deck with barbecues and an outdoor fireplace, taking in views of the downtown Seattle skyline and Lake Union.
According to McDonald, the transaction continues the evolution of the Oakwood brand, expanding the portfolio to meet growing demand for extended-stay accommodations that offer the convenience and comforts of fully furnished living with industry-leading amenities.
“Oakwood Worldwide has a longstanding reputation as the corporate housing and serviced apartment industry leader due to our ability to anticipate, recognize and react to emerging trends and customer needs,” he said.
Known for steady employment growth, Seattle is recognized as a thriving city with top employers from a wide variety of industries, including aerospace, technology, healthcare, education and retail. In addition to wonderful employment opportunities, the property is located in a good school district that would appeal to many families needing to relocate.