Oakwood, Colony to Invest in London Apartments
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Los Angeles-based Oakwood Corporate Housing, in partnership with investment fund Colony Capital, also of Los Angeles, plans to invest $100 million in apartment units in London to rent to expatriates and business travelers.
The partnership will lease 200 units built by British developer Regalian Properties in the first year, building up to 500 units during the next five years as it assumes leases for other units in such areas as Chelsea, Mayfair and Kensington, the company said. Oakwood began exporting its concept of “serviced apartments” to foreign markets such as Japan and Hong Kong within the last two years. This week, a 560-unit complex opened in Bangkok. The corporate apartments are outfitted with cable television, housewares, dishes and maid service.
Oakwood, a division of Los Angeles-based R&B; Realty Group, is already the leading U.S. supplier of corporate housing, managing more than 18,000 units across the country.
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