Security Properties Closes $400.8 Million Acquisition

The Sale Marks One of the Single Largest Multifamily Transaction in the Seattle Area in 2025

SEATTLE, Sept. 17, 2025 /PRNewswire/ -- Security Properties, the leading real estate investment firm in the Pacific Northwest, has completed one of the largest multifamily acquisitions in the Seattle area so far this year, purchasing a five-property, 903-unit Seattle portfolio from Washington Holdings for $400.8 million.

The sale includes Liza Eastlake, The Hemlock, The Hayes on Stone Way, Carter on the Park, and Heron Flats & Lofts. These high-quality assets are in some of Seattle's most desirable and well-connected neighborhoods, which benefit from immediate proximity to major regional employers. Eastdil Secured represented the seller in the transaction.

"This acquisition underscores our long-term commitment to Seattle and the Pacific Northwest," said Dan Byrnes, Chief Executive Officer of Security Properties. "These communities are in neighborhoods where our team members live, where we have deep local knowledge, and where we see exceptional long-term value. This is our second acquisition from Washington Holdings this year, and they have an outstanding reputation for delivering and preserving high quality assets. We're excited to continue the stewardship and provide unmatched living experiences to Seattle residents."

The transaction comes at a time when Seattle's multifamily fundamentals remain strong despite national headwinds as units under construction in the metro area continue to drop. With new supply constrained and targeted submarkets experiencing a tangible boost from return-to-office trends, Security Properties sees a clear opportunity to secure high-quality assets positioned for long-term performance.

Mark Bates, newly appointed Chief Investment Officer of Security Properties, noted the strategic and operational significance of the deal. "This acquisition not only strengthens our Seattle portfolio but also demonstrates our ability to execute complex transactions that require creative capital structures and trusted capital relationships," Bates said. "It's a clear example of our team's ability to deliver for our partners and something we have been working towards for the past year." 

Bates stepped into his new role as CIO earlier this summer with a focus on streamlining Security Properties' product offerings to investors. "Our goal for this year is to create a structure that breaks down barriers between our product types — market rate, affordable, and development — so we can better match the right capital with the right investment opportunities," said Bates. "My focus is on making our investment platform more interconnected, efficient, and responsive to our partners."

The acquisition builds on a busy first half of the year for the company. In the spring, Security Properties sold the last asset purchased from the Security Properties Multifamily Fund II, an investment vehicle which launched in late 2013 and held 13 assets. The fund delivered strong returns, generating an IRR of 27.2% and an equity multiple of approximately 3.3x. The performance is an example of the diversified, value-add investment strategy that defines the Security Properties platform. The team has a demonstrated track record of their ability to underwrite with precision, considering factors such as incoming supply, historical and in-place operating performance, and asset-specific locational and demand drivers that support long-term value creation.

The company plans to extend this formula and market expertise as they continue to expand nationally with a focus on key markets such as Denver, Nashville, the Bay Area and others. The company is doubling down in markets where they have a competitive edge through deep relationships, local intelligence, and the ability to source off-market opportunities. "Our approach is precise and data-driven," Bates said. "Whether in Seattle or in other target metros, we are committed to finding the right investments for our partners, assets that can outperform through thoughtful acquisition, strong operations, and a long-term view."

Byrnes said this evolution is critical to keeping Security Properties at the forefront of multifamily investing. "Our investors include some of the largest institutions in the world, and we embrace the challenge of delivering best-in-class opportunities and results," he said. "Scale matters in this business, and this transaction is a milestone in our ability to deliver that level of service and performance."

About Security Properties 
Security Properties is a national real estate investment, development, and operating company headquartered in Seattle, Washington. For more than 50 years, Security Properties has provided quality housing to its residents as well as excellent financial performance for its investors. Since its founding, Security Properties has acquired or developed over 109,000 residential units at a cost of over $12 billion across more than 660 assets. Security Properties maintains a focused multi-family strategy supported by integrated teams of professional acquisition, development, construction, investment, and property management specialists. For more information, visit SecurityProperties.com 

Media Contact: 
Nisreene Atassi
206-822-5209
[email protected] 

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SOURCE Security Properties