Oakwood Strengthens Serviced Apartment Footprint in Northern Virginia
LOS ANGELES (JANUARY 17, 2019) - Oakwood®, wholly owned by Mapletree Investments (“Mapletree”), announced today that it will manage Mapletree’s latest acquisition of a 184-unit residential property at 1550 Clarendon Boulevard in Arlington, Virginia, from AvalonBay Communities, Inc.
Located in Arlington’s desirable, bustling Rosslyn neighborhood, known for the quality lifestyle it offers, the property is conveniently located near Washington, D.C.’s Capitol Hill district, the Pentagon, Reagan Washington National Airport and the National Mall. Oakwood Arlington’s units are fully furnished which offer business professionals, individual travelers and long-term residents a spacious, comfortable apartment stay experience. Oakwood has managed this property for more than a decade; Mapletree’s purchase is based on its confidence in the growing Northern Virginia market.
“Mapletree is proud to continue expanding its footprint to include Northern Virginia. Like our recent acquisition in Chicago, we have been eyeing this region as it is a growth market,” said Chua Tiow Chye, Mapletree’s deputy group chief executive officer. “As Arlington and its surrounding neighborhoods continue to grow and attract global businesses, we are committed to investing and developing offerings for major corporations and the U.S. government through strategic acquisitions. The acquisition is part of a value-add strategy for Mapletree, and we will be investing more capital to enhance the quality of the building in the coming months to tie in with the expansion in the area,” added Chua Tiow Chye.
Oakwood Arlington is just three blocks from the Rosslyn Metro Station, surrounded by hip restaurants, leading national and local retailers and boasts a Walk Score® of 95, providing convenient access for guests and residents. Directly across the Potomac River from Georgetown University and Washington’s Foggy Bottom neighborhood, Oakwood occupants can look forward to a lively, exciting and liveable atmosphere, distinct from the daytime bustle of nearby Washington.
“Securing Oakwood Arlington, a premier property in one of Washington, D.C.’s most-desired neighborhoods, reinforces Oakwood’s desire to simultaneously strengthen its offerings while establishing itself in one of the world’s most significant hubs for business and government leaders,” said Chris Ahearn, chief executive officer, Oakwood. “Northern Virginia, is growing: it was recently selected as one of Amazon’s two new headquarters. We are thrilled with Mapletree’s decision to invest in the building and to continue managing this landmark property.”