The value of the management contract wasn't disclosed in the company's prepared statement.
Oakwood Apartment Management Co., a division of Oakwood Worldwide, is managing the property. It will be renamed Oakwood Raleigh, offering both unfurnished and furnished corporate housing.
A partnership affiliated with Oakwood Worldwide purchased the property last year for an undisclosed sum. Area brokers tell GlobeSt.com apartments in the area generally range from $65,000 per unit to $85,000 a unit. That would place the estimated sales price in the $22.5 million to $29.4 million, brokers tell GlobeSt.com.
An Oakwood spokesman also declined to reveal occupancy to GlobeSt.com, though overall vacancies in the area at different submarkets range from 4% to 12%, with 8% about average. Oakwood Corporate Housing's business in North Carolina exceeds $5 million in annual gross revenue, according to the company's news release.
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David Wilkening
David Wilkening began his long journalism career as a police reporter for Chicago-area newspapers. He became a writer-editor for major newspapers in Chicago, Washington, Detroit and Florida. He has been a business editor, political editor and travel editor for newspapers and magazines. He tried for a while to be a political operative but did better as an adjunct college professor teaching English and journalism. He is the author of several books, both ghost-written and under his own name. He is also a widely published freelance writer who currently lives in Orlando.
