Security Properties Closes $400.8 Million Acquisition
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SEATTLE, Sept. 17, 2025 ~ Seattle, WA - Security Properties, a leading real estate investment firm in the Pacific Northwest, has recently completed one of the largest multifamily acquisitions in the Seattle area this year. The company purchased a five-property, 903-unit portfolio from Washington Holdings for $400.8 million.

One of the properties included in this acquisition is Liza Eastlake, located in one of Seattle's most desirable and well-connected neighborhoods. The other properties are The Hemlock, The Hayes on Stone Way, Carter on the Park, and Heron Flats & Lofts. These high-quality assets are strategically positioned near major regional employers.

Eastdil Secured represented Washington Holdings in this transaction. According to Dan Byrnes, Chief Executive Officer of Security Properties, this acquisition demonstrates their long-term commitment to Seattle and the Pacific Northwest. He stated that these communities are located in neighborhoods where their team members live and have extensive local knowledge. By acquiring these properties from Washington Holdings for the second time this year, Security Properties aims to continue providing exceptional living experiences to Seattle residents.

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Despite national challenges faced by the multifamily market, Seattle's fundamentals remain strong with a decrease in units under construction. With limited new supply and an increase in demand due to return-to-office trends, Security Properties sees an opportunity to secure high-quality assets that will perform well over time.

Mark Bates, newly appointed Chief Investment Officer of Security Properties, emphasized the significance of this deal for both strategic and operational reasons. He stated that it not only strengthens their Seattle portfolio but also showcases their ability to execute complex transactions with creative capital structures and trusted relationships.

Bates also shared his focus on streamlining Security Properties' product offerings to investors by breaking down barriers between market rate, affordable, and development projects. He believes that this will make their investment platform more interconnected and efficient while being responsive to their partners' needs.

This acquisition adds to an already busy first half of the year for Security Properties. In the spring, the company sold the last asset from their Multifamily Fund II, which delivered strong returns with an IRR of 27.2% and an equity multiple of approximately 3.3x. This success is a testament to their diversified, value-add investment strategy that takes into account various factors such as supply, historical performance, and demand drivers.

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Looking ahead, Security Properties plans to expand nationally with a focus on key markets like Denver, Nashville, and the Bay Area. They will leverage their competitive edge in these markets through deep relationships, local intelligence, and the ability to source off-market opportunities. According to Bates, their approach is precise and data-driven to find the right investments that can outperform through strategic acquisition and strong operations.

Byrnes believes that this evolution is crucial in maintaining Security Properties' position as a leader in multifamily investing. He stated that their investors include some of the largest institutions globally, and they are committed to delivering best-in-class opportunities and results. By completing this transaction, Security Properties has reached a milestone in their ability to provide exceptional service and performance at scale.
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