Singapore investor buys Los Angeles corporate housing company

Oakwood Worldwide will now operate as a subsidiary of Mapletree Investments

West L.A. extended-stay housing company Oakwood Worldwide has a permanent guest in its quarters.

Singapore development company Mapletree Investments acquired the corporate housing provider for an undisclosed sum on Thursday, the Los Angeles Times reported.

Hiew Yoon Khong, Mapletree’s chief executive, said it will retain the Oakwood brand as a subsidiary and grow the firm with additional properties.

The two firms have a history together. Mapletree acquired a 49 percent stake in Oakwood’s Asia Pacific subsidiary in 2014, according to the Times. Oakwood also manages Mapletree’s nine corporate housing and serviced apartments in the U.S. and Australia.

Christopher Ahearn, a former senior vice president at Oakwood, has been promoted to CEO, replacing founder Howard Ruby. Ruby will stay on as chairman emeritus.

Oakwood launched in 1969 and calls itself the largest global provider of corporate housing and serviced apartments, with more than 50 Oakwood-branded properties across the world. [LAT] — Subrina Hudson

Neil Shekhter founded NMS in 1988 on the principle of creating strong asset returns through superior management and investing in core locations with long-term growth. On these principles NMS began building its portfolio of properties by acquiring and repositioning poorly performing multi-family assets. Through hands-on management and capital improvements, these properties now enjoy dramatic increases in net operating income along with high occupancy rates. Neil Shekhter’s belief is that quality starts from day one. With that in mind, he began to immerse himself in the development and construction of properties.

As part of his philosophy of personalized management, Neil Shekhter has been actively involved in every aspect of the company, from acquisitions to development to the construction of his projects, while maintaining the day-to-day operation of his existing portfolio.