US: Mapletree Investments has acquired a 184-key Oakwood-branded property at 1550 Clarendon Blvd in Arlington, Virgina.
It bought the asset from AvalonBay Communities Inc. for $70 million. AvalonBay acquired the property in 2013 as part of a larger $6.5 billion acquisition of previous owner Archstone Enterprise LP.
Los-Angeles-based Oakwood, which is wholly owned by Mapletree, has managed the property for more than a decade and will continue to do so. Mapletree said the acquisition, which is part of a value-add strategy, demonstrates its growing confidence in the Northern Virginia market.
“As Arlington and its surrounding neighbourhoods continue to grow and attract global businesses, we are committed to investing and developing offerings for major corporations and the US government through strategic acquisitions,” Chua Tiow Chye, Mapletree’s deputy group chief executive officer, said in a statement. “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.”
