MOUNTAIN VIEW, CA—Silicon Valley, a region ranked 16th in the country in terms of gross domestic product growth, generates a fierce demand for corporate housing. This demand far exceeds the supply in the area.
To meet this ever-increasing housing need, Oakwood Worldwide, corporate housing and serviced apartment provider, has added a newly constructed 149-unit multi-family apartment complex to its global portfolio of managed apartments. This is the third property acquired in the area and the seventh property acquired in the country by Singapore-based Mapletree Group, as part of the joint venture between Mapletree and Oakwood Worldwide. Oakwood will manage the property on behalf of new owner, Mapletree. All three properties located in Redwood City, CA, Sunnyvale, CA and this property are 30-day stays or longer.
Mike Jara, West Coast acquisitions director, Oakwood Worldwide, tells GlobeSt.com: "The Silicon Valley is thriving with both mature companies and fast-growing start-ups, which has caused an influx of business travelers from around the globe. We saw an excellent opportunity to meet the rising demand for quality accommodations by adding a third property to our portfolio in Silicon Valley, Oakwood Mountain View. It's our hope that this third addition will help us better serve our clients and their needs as they continue to grow."
Available for immediate occupancy, Oakwood Mountain View consists of one- and two-bedroom furnished and unfurnished apartments with 10 different large, open floor plans to meet guests' varied needs. Some of the unfurnished units will be reserved as affordable housing for long-term tenants. All of the apartments feature spacious master suites with large closets, in-unit washers and dryers, well-equipped kitchens, large flatscreens in living rooms, and private patios and balconies. The furnished units are geared toward corporate travelers. The property provides residents with an outdoor spa, fitness room, co-working space and a pool with a sundeck.
"Expectations of greater work/life balance and the fluidity of being able to work from home, the office and points in between are driving the evolution of what corporate housing looks like," said T.J. Spencer, vice president sales, Oakwood Worldwide. "Oakwood Mountain View provides that ideal balance between office and home, including a resident lounge, co-working spaces and private collaborative rooms that can be reserved by our guests and residents. It is a perfect blend of living and working that will provide our guests with a sense of community, room to relax as well as a place to get some work done while they are traveling."
The property is located near downtown Mountain View and is five minutes from the well-known Castro Street, which offers cafés and renowned restaurants. The weekly farmers market on Sunday is located just four blocks away. Additionally, it is just minutes away from Caltrain, Interstate 101, the San Jose International Airport and San Francisco International Airport.
As previously reported, tech office shows no signs of subsiding.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
