SUNNYVALE, CA—Oakwood Worldwide, a global leader in corporate housing and serviced apartment solutions, has paid $70 million to add a 184-unit apartment complex in Sunnyvale to its global portfolio through its joint venture with Singapore-based Mapletree Group. The garden-style community, newly named Oakwood Silicon Valley, is located in the heart of one of the strongest rental markets in the country.

This is the first Oakwood-branded property acquired as part of Oakwood Worldwide and Mapletree Group's recent multi-billion dollar joint venture. Oakwood Silicon Valley serves as a springboard for the partnership's goal to open more than 100 new properties around the world over the next five years. Additionally, this 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.

Originally named the Cascades Apartments, the property is comprised of six two- and three-story residential buildings nestled on approximately 4.9 acres of open greenbelts and walkways. The interiors feature in-unit laundry and sizeable private patios or balconies with storage. The community boasts well-appointed amenities including a resort-style swimming pool and spa, children's playground, clubhouse and subterranean controlled-access parking.