“Redwood City is one of the most desirable and emerging areas in Silicon Valley,” added Orrantia. “The demand for corporate housing far exceeds the capacity in this region, and this level of property will allow us to provide our clients with attractive housing options in close proximity to their offices.”

The brokerage assignment was handled by Institutional Property Advisors' (IPA) Stanford Jones, executive vice president investments, while IPA's Philip Saglimbeni and Salvatore Saglimbeni, both vice president investments, advised the seller, Summerhill Apartment Communities. IPA is a division of Marcus & Millichap specializing in serving institutional and major private real estate investors.

“The property is situated within one of the strongest and most supply constrained rental markets in the country and is surrounded by some of the nation's most affluent communities,” says Jones.

This acquisition occurred through Oakwood's $4 billion joint venture with Singapore-based Mapletree Group. The property is the third Oakwood-branded property acquired by the collaboration, and the second within Silicon Valley. Last year, Mapletree acquired 49% of Oakwood Asia Pacific Pte Ltd. and inked the joint venture agreement with Oakwood Worldwide.

Through Oakwood Worldwide's presence in all 50 states and more than 85 countries, the company provides move-in-ready furnished accommodations to global organizations, individual business travelers, insurance clients and leisure travelers. Oakwood was founded in and continues to base its corporate headquarters in Los Angeles and operates regional headquarters in London, Phoenix and Singapore.

Mapletree is a leading Asia-focused real estate development, investment and capital management company headquartered in Singapore. As of March 2014, Mapletree owns and manages $24.6 billion of office, logistics, industrial, residential and retail/lifestyle properties.

Marcus & Millichap was involved in two other multi-family sales last week: Park Laurel Apartments, a 26-unit multifamily property located at 710 Laurel Ave. in San Mateo, CA. The $10.3 million sales price equates to $396,154 per unit. The second was Jackson Courtyard Condominiums, located at 14th and Jackson streets in Oakland's Lakeside district. It is comprised of 45 fully rented condominiums, one proposed live-work condominium and one hard-corner retail space. The $15.9 million sales price equates to $338,298 per unit.