Security Properties Acquires Seattle Apartment Complex for $37.8 Million
Real estate firm Security Properties has purchased the 186-unit Cooper Apartments in Seattle at a price point 28% lower than the property’s 2019 valuation.
Security Properties has finalized the acquisition of Cooper Apartments, a 186-unit residential community located in Seattle’s Bitter Lake neighborhood, for $37.75 million. The deal values the property at approximately $203,000 per unit, marking a 28% decline from the $52.75 million sale price recorded in 2019.
The 1993-built property recently underwent over $6.8 million in capital improvements between 2020 and 2024, including exterior renovations, roof replacement, and unit upgrades. According to Security Properties, the purchase price is significantly below the current estimated cost to develop a comparable community in the Pacific Northwest market.
Chief Investment Officer Mark Bates stated that the acquisition aligns with the firm’s strategy to secure assets in areas where new housing supply is expected to diminish. Data from CBRE, which acted as the broker for the transaction, indicates that multi-family construction in North Seattle is forecast to decline sharply through 2029. This acquisition represents the 13th addition to Security Properties’ seventh multifamily fund.