Oakwood Selected To Manage Wilshire Capital Partners' New Seattle Multifamily Property

LOS ANGELES, Nov. 6, 2019 /PRNewswire/ -- Oakwood^®, wholly owned by Mapletree Investments ("Mapletree"), announced today it has been selected by Wilshire Capital, LLC to manage Tellus on Dexter, a new construction 98-unit residential building located at 403 Dexter Ave N in Seattle's South Lake Union neighborhood just north of downtown.

This new management agreement strengthens and expands Oakwood's presence in Seattle, where it already operates Oakwood Seattle South Lake Union, providing furnished and conventional apartments backed by Oakwood's industry-leading property management and customer service infrastructure. The company maintains a vast global portfolio of fee-managed properties, partnering with property owners to deliver best-in-class services and products.

"This partnership is an excellent example of how property owners and developers around the world turn to Oakwood for our outstanding track record in delivering turn-key, scalable solutions that truly enhance each guest's experience," explained Dean Schreiber, interim chief executive officer of Oakwood and managing director, Asia Pacific. "Oakwood's emphasis on hospitality is what sets us apart from our competition, and we strive to deliver that through all of our property management, leasing, and customer service solutions. We're delighted to partner with Wilshire Capital on this new venture as they bring Tellus on Dexter to market and look forward to continued success in the South Lake Union market."

Tellus on Dexter, designed by the award-winning VIA Architecture firm, is a stunning eight-story building inspired by modern Japanese and Scandinavian design aesthetics, creating an easy flow and open space. Residents may choose from studios, 1-, and 2-bedroom apartments, and can take advantage of a beautiful rooftop deck, common-space lounge area, fitness facility, bike storage, and 50 coveted parking spaces. The building also includes approximately 2,588 square feet of ground-level retail space, which is currently leased by Metropolitan Deli and Café and will be managed separately.

Spurred by Amazon's expansion into downtown Seattle in 2010, the formerly industrial submarket has transformed into a booming commercial district built around the office population, driving a need for nearby residential properties. Tellus is ideally situated close to Facebook, Google, Nordstrom, the Bill and Melinda Gates Foundation, the Allen Institute, and other Seattle tourist hotspots and destinations.

About Wilshire Capital
Wilshire Capital is a private real estate firm that invests in major gateway cities on the West Coast, where strong underlying fundamentals and rapidly growing industries lead to strong, resilient tenant demand over the long term. 

Target properties include value-add office, apartment, and development opportunities with a specific emphasis on properties that are undervalued for a variety of reasons including deferred capital, stigma in the market, perceived leasing risk, or distressed capital structures. 

The principals average over 20 years of institutional fund management experience, having invested and operated in domestic and international markets through varied real estate cycles.

About Oakwood^®
Oakwood^®, a wholly owned subsidiary of Mapletree Investments, is the leading global accommodation solutions provider helping businesses and individual travelers be anywhere they need to be. With an extensive and flexible selection of move-in ready furnished and serviced apartments, Oakwood has enabled thousands of companies to expand their reach to more customers and markets. The award-winning company continues investing in its exclusive and growing portfolio of Oakwood-branded properties throughout the Americas, EMEA (Europe, the Middle East and Africa) and APAC (Asia Pacific) offering travelers a broad range of accommodation options from apartments with luxurious style and full amenities to sensible accommodations with modern essentials. For more information, please visit www.Oakwood.com.

SOURCE Oakwood

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