LOS ANGELES—A joint venture between Oakwood Worldwide and Mapletree Group, a Singapore-based real estate investor, has purchased a 60-unit apartment complex in the Miracle Mile neighborhood of Los Angeles. The joint venture picked up the property because of its high walkability—it has a walk score of 92—and its proximity to job centers. The sales price of the property was not disclosed, however, sources unrelated to the deal say that the property last traded hands in May 2014 for $32 million. The property has likely appreciated since then.

“It is part of our strategy to acquire buildings in core locations that lend themselves to corporate housing. This property is in a great location and it is really conducive to our business in Miracle Mile, which serves primarily our entertainment clients,” Mike Jara, west coast acquisitions director at Oakwood Worldwide, tells GlobeSt.com. “Mapletree has a global strategy that includes opening up new markets, including the US. They elected to work with us for their corporate housing and we have a joint objective to build a portfolio of Oakwood-branded buildings in major markets throughout the country.”

The property will be rebranded as Oakwood Miracle Mile, and will serve the demand for corporate housing in the area. Oakwood doesn't have any renovation plans for the asset, except to rebrand the property. “The property had been well maintained by the prior owners, so we'll re-brand it as the Oakwood brand and convert it over time into corporate housing,” says Jara. “It is newer housing, and aligns perfectly with the firm's objective to invest in housing in major markets throughout the country.”