January 14, 2019
Mapletree Investments’ Oakwood subsidiary has acquired Jones Chicago, a 188-unit River North apartment property, from developers Fred Latsko and Gerdling Edlen.
Financial terms weren’t disclosed. Crain’s Chicago Business reported that Oakwood paid $91 million for the property, which will be revamped into corporate housing.
Now known as Oakwood Chicago River North, the property will offer business professionals, individual travelers and long-term residents a choice of furnished apartments or unfurnished leases of nine months or more.
“Chicago is a top destination for many of the world’s biggest companies, and we invested significant resources in selecting the best neighborhood for Oakwood’s global clients, as well as corporate and leisure travelers,” said Chua Tiow Chye, Mapletree deputy group CEO.
The acquisition is part of Oakwood’s expansion of its global furnished apartment portfolio. In the U.S., its furnished apartment brands include Oakwood and ExecuStay, the latter offering Marriott Rewards points.
For comments, questions or concerns, please contact Paul Bubny