Sentinel Real Estate has acquired two apartment complexes in the US Pacific region for a combined $168.5m (€146.1m) in separate transactions, according to sources.
The manager bought the 158-unit Willow Apartments in the Portland suburb of Lake Oswego, Oregon, from Shorenstein for $66m. In a second deal, Sentinel invested $102.5m to acquire the 293-unit Talavera Apartments in Folsom, California.
The Portland deal represents a major sale for the Portland apartment market, fetching $418,000 per unit. According to market sources, this pricing sits above recent multifamily trades in the region, which have typically averaged around $250,000 per unit.
Willow Apartments was completed in 2024, while the Talavera Apartments asset was built in 2020.
In a statement, George Tietjen, managing director with Sentinel, said: “Willow Apartments aligns with our strategy of acquiring high-quality rental communities situated in markets characterised by limited supply, strong population growth, and positive economic fundamentals.”
Nick Stein, managing director at Sentinel, added: “Talavera Apartments is a continuation of our strategy to invest in properties with a unique blend of high-end finishes and abundant amenities situated in premier urban-suburban locations that benefit from strong population growth and positive economic fundamentals.”
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