$37.75 million acquisition comes at less than half of estimated replacement cost, following more than $6.8 million in recent capital improvements

SEATTLE, Nov. 2, 2026 /PRNewswire/ -- Security Properties, the premier real estate investment partner in the Pacific Northwest, has acquired Cooper Apartments, a 186-unit community in Seattle's Bitter Lake neighborhood, for $37.75 million, or approximately $203,000 per unit. The price is 28% below the property's 2019 sale price of $52.75 million and less than half of the estimated cost to build a comparable community today. Cooper is the 13th market-rate acquisition for Security Properties Multifamily Fund 7. The firm completed the purchase alongside private equity raised from its investor network.

Located at 13530 Linden Ave. N., roughly 15 minutes north of downtown Seattle, the five-story community was built in 1993. It received more than $6.8 million in capital improvements between 2020 and 2024, including a full roof replacement, fresh exterior paint and a comprehensive renovation, and modernization of the community's amenity spaces. Of the property's 186 units, 179 have been fully or partially renovated. Residents have access to a beer hall-inspired courtyard with fire pits and grills, a clubhouse with a chef's kitchen, a fitness center with a dedicated yoga room, co-working space, an expanded dog park, and controlled-access garage parking.

At roughly $203,000 per unit, Cooper traded below every one of the 11 comparable apartment sales in Seattle, Shoreline, Lynnwood, and Edmonds since June 2025, according to Security Properties' analysis. Those sales ranged from about $270,000 to $426,000 per unit.

"Finding an asset like Cooper takes deep local knowledge and the ability to move when the moment is right," said Mark Bates, Chief Investment Officer at Security Properties. "The previous owner already did the hard work: the roof, the exterior, the amenity spaces and most of the unit interiors. We were able to buy it at a basis that would be very difficult to replicate in this market. That is exactly the kind of opportunity our investors count on us to find."

The timing also works in Cooper's favor. Apartment deliveries across North Seattle, Lynnwood, and Shoreline peaked at 2,626 units in 2024. They are forecast to fall to roughly 500 units a year in 2026 and 2027 and to zero in 2028 and 2029, according to data from CBRE, which served as the broker for the deal. At the same time, in-place rent at Cooper averages $1,866 per month. That is about one-third of the estimated $5,572 monthly cost of owning a median-priced North Seattle home, based on Redfin data.

"New supply in this part of the region is about to drop sharply, and owning a home in North Seattle costs close to three times what our residents pay in rent," Bates said. "Both of those trends point toward durable demand for well-located rental housing, and we bought in at a price that positions us to benefit from both over the long term."

The firm's ability to close with certainty played a central role in securing the asset.

"When our acquisitions team identifies an opportunity like Cooper, our investors understand the value quickly, because opportunities like this one don't come along often," said Casey Hursh, Head of Capital Formation at Security Properties. "The capital raise came together in a matter of weeks, a testament to our team's ability to find opportunities for our investor base that directly match their ideal return profiles."

Cooper builds on Security Properties' longstanding commitment to Seattle. It follows the firm's five-property, $400.8 million Seattle portfolio acquisition in 2025 and its acquisition of Langara in Issaquah, Washington earlier this year.

About Security Properties
Security Properties is a national real estate investment company headquartered in Seattle, Washington. For more than half a century, Security Properties has provided quality housing to its residents as well as excellent financial performance for its investors. Since inception, Security Properties and its partners have acquired and developed 111,881 residential units at a cost of over $11 billion across 676 assets. For more information, visit SecurityProperties.com.

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SOURCE Security Properties