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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