A New York City investment firm snapped up a Lake Oswego luxury apartment building this month for $66 million.

Sentinel Real Estate purchased the 158-unit Willow Apartments, in the Kruse Way area, in a transaction that values the 2-year-old development at $417,721 per unit — a high-end valuation for the Portland market.

The seller was an entity tied to the original developer, Shorenstein Properties of San Francisco. Deacon Construction built the project, which was designed by GBD Architects.

“Willow Apartments aligns with our strategy of acquiring high-quality rental communities situated in markets characterized by limited supply, strong population growth and positive economic fundamentals,” George Tietjen, Sentinel’s managing director, stated in a news release.

“Lake Oswego is considered one of the most affluent and supply-constrained submarkets in the greater Portland metropolitan area given its high household incomes, desirable schools and limited new multifamily development,” Tietjen added.

Willow Apartments offers units with one, two or three bedrooms, community amenities including a sky lounge, flexible dining and workspaces, private work pods, a fitness center with forest views, an open-air deck and a barbecue patio, covered parking spaces with electric-vehicle charging, multiple storage areas and a pet-grooming spa.

Willow Apartments sits on a 5.16-acre site at 5600 Meadows Road.

This property will “benefit from durable rental income and sustained market demand for upscale living spaces” in Lake Oswego, Tietjen stated.

JLL Capital Markets Senior Managing Director Ira Virden and Managing Director Carrie Kahn represented the seller.

Clackamas County recorded the transaction on July 10.

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A Tigard office building has sold to a large investment firm for about $27 million.

A fund managed by DRA Advisors purchased the 127,504-square-foot, five-story Triangle Corporate Park III property in a joint venture with Prescott Partners. The seller was KBS.

The property, which was completed in 1999, is in the busy Kruse Way submarket and has often attracted investors’ attention, brokers said.

“As one of the only Class A office buildings in the Tigard Triangle, this property has consistently set new rates for the submarket,” Nick Kucha, Newmark’s vice chairman of Pacific Northwest capital markets, said in a news release. “Office investors who have been watching the suburban Portland market continue to grow have had this property in their sights for years.”

Newmark represented KBS in the sale. James Childress, Jeff Hodson and Kellen Kollmorgen worked alongside Kucha to market and complete the sale.

Located at 13221 S.W. 68th Parkway, Triangle Corporate Park III features an outdoor basketball court and high-end locker rooms. The property also has ample parking, at four spaces per 1,000 square feet, and enjoys close proximity to Interstate 5, with signage visible from the freeway.

“Triangle Corporate Park III’s capitalization on tenants actively seeking high-quality buildings in amenitized locations that are safe, clean and easily accessible to their employee base made the property extremely attractive to us,” Dan Goldman, managing partner of DRA Advisors, said in a news release.

KBS had owned the property since 2005.

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