DENVER--(Archstone, a leader in apartment investment and operations, today announced that it has assumed management responsibilities for five apartment communities, which it has owned since 2005, from Oakwood Worldwide. In addition, Archstone extended its master lease agreement on seven other communities with Oakwood, which will continue to lease and manage them.)--
“We are pleased to continue working with Oakwood on the management of these communities.”
Archstone owns 100 percent of the 12 communities, which it purchased from Oakwood in 2005 as part of a 36-community, $1.5 billion transaction.
“Oakwood has done an excellent job of managing these communities since the initial acquisition in 2005,” said Charles E. Mueller Jr., Archstone’s president and chief operating officer. “We believe this agreement is a good fit for the long-term strategies of both organizations, and we are excited about assuming management responsibility for five of these communities.”
Archstone has taken over management of the following communities: Archstone Seal Beach (Oakwood Long Beach Marina), Archstone Bellevue (Oakwood Bellevue), Archstone West Valley (Oakwood San Jose South), Archstone Mountain View at Middlefield (Oakwood Mountain View) and Archstone Woodland Hills (Oakwood Woodland Hills). These communities represent a total of 2,814 apartment units. Oakwood will continue to offer its short-term corporate housing option in these communities.
Per the extended master lease agreement, Oakwood will continue to manage Oakwood Arlington (Virginia), Oakwood Boston (Massachusetts), Oakwood Crystal City (Virginia), Oakwood Gaithersburg (Maryland), Oakwood Marina del Rey (California), Oakwood Philadelphia (Pennsylvania) and Oakwood Toluca Hills (California). The communities are home to a total of 2,404 apartment units.
“Like the vast majority of our portfolio, these communities are located in premier neighborhoods in some of the most prestigious cities in the country,” said R. Scot Sellers, Archstone’s chief executive officer. “We are pleased to continue working with Oakwood on the management of these communities.”
Archstone is one of the largest owners of high-quality apartment communities in the United States and is focused primarily on the acquisition, development, redevelopment, operation and management of apartment communities in select supply-constrained, coastal markets. The company's portfolio is concentrated in many of the most desirable neighborhoods within the metropolitan areas of Washington, D.C., Southern California, the San Francisco Bay Area, New York City, Boston, Seattle and Southeast Florida. Archstone strives to provide great apartment rentals and great service to its customers—backed by service guarantees. As of June 30, 2012, the company owned or had an ownership interest in 182 communities in the United States with 59,355 units that were operating or under construction. In addition to its U.S. portfolio, the company also has a European operating platform through which it owns and manages apartment properties in Germany.
About Oakwood Worldwide
Oakwood Worldwide®, based in Los Angeles, Calif., is the leading provider of corporate housing and serviced apartment solutions through its two well-known brands, Oakwood® and ExecuStay®. Both brands provide move-in-ready furnished housing designed to meet the needs of business travelers on long- and short-term assignments. Oakwood® has access to the largest selection of housing options and a presence in all 50 United States and more than 55 countries. ExecuStay is the preferred corporate housing partner of Marriott® International and is the only corporate housing brand where guests can earn Marriott Rewards® points for stays at any ExecuStay location in the U.S.