Maiden acquisition: Mapletree clinches Silicon Valley condo for $87.4m

It’s the firm’s first serviced residence in the US.

Mapletree Investments today revealed that it has made its first acquisition in the United States. This comes in the form of a serviced residence asset located in the Silicon Valley.

The group has acquired The Cascades Apartments, a 184-unit freehold apartment complex located in
Sunnyvale, for US$70m ($87.4m). The property will be fully owned by Mapletree and rebranded as Oakwood Silicon Valley.

This is Mapletree’s first acquisition of a serviced apartment asset following its collaboration with Oakwood Worldwide, which was made in late April this year.

Oakwood Silicon Valley is currently an un-serviced residential rental property. Following the acquisition, the Group will embark on an asset enhancement initiative to retrofit and upgrade the property into a modern serviced apartment.

According to Chua Tiow Chye, Mapletree’s Group Chief Investment Officer, “This maiden acquisition of Oakwood Silicon Valley marks a good start to our partnership with Oakwood. Mapletree will continue to seek new investment opportunities in this asset class in Asia, the US and Europe. While this is our first serviced apartment venture in the US, the liquidity and transparency of the market will provide opportunities for us to participate in its recovering economy and scale up our business.”