What's Happening in Raleigh, NC…

Oakwood Worldwide, a Los Angeles company that provides full-furnished corporate apartments in cities across the nation, has added a Raleigh complex to its list of properties.

Oakwood bought Courtney Estates, located on Oak Estate Street. The property is 11 years old, and will be known as Oakwood Raleigh at Brier Creek.

The firm’s chief investment officer and senior VP, M. Scott Orrantia, said Oakwood decided to proceed with the purchase after some of its clients had stayed in the complex. Orrantia noted that there are not enough corporate apartments in Raleigh to meet the demand, and buying the property allows Oakwood to meet its clients’ needs better.

Oakwood Worldwide bought the property in a joint venture with Mapletree Group, which is based in Singapore. The purchase of Courtney Estates is the first time the partners have bought property on the East Coast, though they have purchased properties in Dallas and Silicon Valley.

Courtney Estates is well-suited to Mapletree's investment strategy, offering well-maintained units in a market where job growth is strong. The property comprises one-bedroom, two-bedroom and three-bedroom units, as well as a heated pool, sports courts, and a private theater.

Oakwood officials might consider working with brochure printers to create a booklet about their new acquisition, which could be made available to corporations that show interest in locating in the Raleigh area.