Singaporean firm buys 201-unit DTLA complex for $110M

Mapletree Investments paid cash for the Olive Street corporate housing facility

Apr.April 25, 2017 10:30 AM
The complex at 1001 S. Olive Street and Mapletree CEO Hiew Yoon Khong (Credit: KTGY, Mapletree Investments)

Singapore-based Mapletree Investments bought a 201-unit corporate housing complex in Downtown Los Angeles in an off-market, all-cash deal for $110 million, or about $547,000 per unit, according to multiple sources.

The seller was an entity connected to Miami-based homebuilder Lennar Corp., property records show. The sale was confirmed by a spokesperson for Oakwood Worldwide, the Mapletree affiliate that will manage the property.

Lennar purchased the development site for $12 million in January of 2014, property records show.

The brand new seven-story complex at 1001 S. Olive Street was built last year and comprises fully-furnished studio, one-bedroom, and two-bedroom apartments. There’s also 4,000 square feet of retail space, which is slated for a Starbucks coffee shop.

Mapletree, through Oakwood, now owns three properties in L.A. county, including the 60-unit apartment complex at 5659 West 8th Street. The Singaporean firm acquired Oakwood for an undisclosed sum in February.

Hiew Yoon Khong, Mapletree’s CEO, has said he plans to ramp up the company’s 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,” he said in February.” We will be looking at markets across the US, Europe and Asia Pacific.”

Related Articles

LA promo

Coming Soon: The Real Deal Los Angeles’ Winter 2020 issue!

From left: Howard Schwimmer and Michael S. Frankel, with 1601 W. Mission Boulevard and 2757 E. Del Amo Boulevard (Credit: Google Maps)

Rexford Industrial adds to LA portfolio with $100M in acquisitions

Andrew McDonald and At Mateo in the Arts District

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more

3339 Exposition Blvd. and Asher Luzzatto

Luzzatto Co. assembling creative office hub in West Adams

A rendering of City Century's Olympia in DTLA (Credit: Visualhouse / City Century)

Chinese developer City Century closes on land for $1B DTLA megaproject

Jason Illoulian and the Cemex plant

Faring makes $30M assemblage play on WeHo/LA border

From left: Nuveen CEO Vijay Advani, Graymark founder/CEO Brian Hecktman

Graymark, Nuveen pay $97M for El Segundo creative office

Eric Garcetti’s administration wants to encourage downtown development by axing parking requirements.

To build more housing downtown, LA wants to kill the car