Oakwood traces its origins to 1960, when founding partners Howard Ruby and Bob Franks began their career in real estate, managing small apartment buildings in California. By 1965, Ruby and Franks were joined by financier Ed Broida and, operating as R&B Enterprises, soon became one of the leading developers of apartments in the United States.
In 1969, Howard Ruby created the Oakwood Apartments brand, featuring furnished apartment complexes that catered to a broader audience. The concept of "corporate housing" was born and—for the first time—extended-stay business travelers had a spacious alternative to a typical hotel room, complete with full-sized kitchens, quality furnishings, home services and housewares, on-site amenities including swimming pools, fitness centers, concierge service, and more.
During the 1990s, Oakwood expanded throughout the United States, serving nearly every city nationwide, realizing Howard Ruby's vision of a single point of contact that could serve corporate-relocation needs virtually anywhere. Oakwood's client base grew to include more than 85 percent of the Fortune Global 500, as well as others needing extended stay housing, including government and military, professional sports, and leisure travelers.
By the year 2001, Oakwood had expanded globally, with locations in Canada, Thailand, China, Korea, Philippines, Japan and the United Kingdom, and regional international offices in EMEA and APAC locations.