September 9, 2015
A Miracle Mile multifamily complex was recently acquired by Mapletree Group, Singapore-based investors, for $41 million. Metlife sold the class A property, which is 89,600 square feet, with 60 units and located at 5659 W. Eighth St. Oakwood Worldwide will manage the building.
Last year Oakwood and Mapletree signed a joint-venture agreement that has the two acquiring properties in the United States and Asia. This is the endeavor’s first Los Angeles acquisition.
The fully occupied luxury apartment building will be redeveloped by the partners into corporate housing.