Singapore-based Mapletree Investments continued its expansion into the Los Angeles real estate market with the recent purchase of a 201-unit corporate housing complex in downtown Los Angeles. According to RealDeal.com, Mapletree Investments paid $110 million for the brand-new complex at 1001 S. Olive Street in an off-market, all-cash deal. It’s the third property in Los Angeles owned by Mapletree.
Completed last year, the seven-story complex on Olive Street features fully-furnished studio, one-bedroom and two-bedroom apartments. Realdeal.com reports there’s also 4,000 square-feet of retail space that will soon house a Starbucks. The $110 million purchase price equates to about$547,000 per unit.
Mapletree CEO Hiew Yoon Khong told RealDeal.com the firm plans to continue expanding its corporate housing business.
“Mapletree intends to step up the acquisition and development of corporate housing and serviced apartment assets that will add to our earnings streams,” Khong said. “We will be looking at markets across the US, Europe and Asia Pacific.”
Mapletree’s other properties in Los Angeles includes a 60-unit apartment complex at 5659 W. 8th Street.
Mapletree entered the L.A. market through its purchase of Oakwood for an undisclosed sum in February.
The seller of the Olive Street complex was identified as Miami-based homebuilder Lennar Corp. Realdeal.com reports Lennar purchased the development site for $12 million in 2014.
According to its Wikipedia page, Mapletree owns and manages S$34.7 billion worth of properties in Sinapore, Asia Pacific and the United States.