SUNNYVALE, CA—Oakwood Worldwide, a globalleader in corporate housing and serviced apartment solutions, haspaid $70 million to add a184-unit apartment complex in Sunnyvale to itsglobal portfolio through its joint venture with Singapore-basedMapletree Group. The garden-style community, newlynamed Oakwood Silicon Valley, is located in theheart of one of the strongest rental markets in the country.

This is the first Oakwood-branded property acquired as part ofOakwood Worldwide and Mapletree Group's recent multi-billion dollarjoint venture. Oakwood Silicon Valley serves as aspringboard for the partnership's goal to open more than100 new properties around the world over the nextfive years. Additionally, this transaction continues the evolutionof the Oakwood brand, expanding the portfolio to meet growingdemand for extended stay accommodations that offer the convenienceand comforts of fully furnished living with industry leadingamenities.

Originally named the Cascades Apartments, theproperty is comprised of six two- and three-storyresidential buildings nestled on approximately 4.9acres of open greenbelts and walkways. The interiorsfeature in-unit laundry and sizeable private patios or balconieswith storage. The community boasts well-appointed amenitiesincluding a resort-style swimming pool and spa, children'splayground, clubhouse and subterranean controlled-accessparking.