OAKWOOD JV PICKS UP MOUNTAIN VIEW APARTMENTS FOR CORPORATE HOUSING
December 15, 2015
Oakwood Worldwide will manage and operate a new 149-unit apartment complex in Mountain View purchased by JV partner Singapore-based Mapletree Group last week, adding to the corporate housing provider’s Silicon Valley presence.
Mapletree purchased the complex at 881 E El Camino Real from Lennar Multifamily Communities for $110M ($738k/unit). The sale was arranged by ARA Newmark out of its San Francisco office, led by Mark Leary and Curtis Gardner.
The price per unit stands far above other multifamily sales in Mountain View (though there are few other sales of new complexes in the city for comparison), with the city’s previous high at $593,750/unit for a 32-unit apartment complex at 333 N Rengstorff Ave built in the 1960s, Real Capital Analytics reports.
This is the third Silicon Valley property for the Oakwood and Mapletree JV. Mapletree also purchased properties that Oakwood manages in Sunnyvale and Redwood City. It was the seventh US property for the JV.
The complex, rechristened Oakwood Mountain View, has a pool area, in-unit laundry and underground parking, according to the Silicon Valley Business Journal. [SVBJ]