Security Properties Buys Cooper Apartments for $37.75 Million

Security Properties has acquired Cooper Apartments, a 186-unit community in Seattle’s Bitter Lake neighborhood, for $37.75 million, according to the company’s November 2, 2026 announcement. The purchase was made for Security Properties Multifamily Fund 7 alongside private equity raised from the firm’s investor network.

Cooper is the fund’s 13th market-rate acquisition. Security Properties said the price represented approximately $203,000 per unit, 28% below the property’s 2019 sale price of $52.75 million and less than half the estimated cost of building a comparable community today.

At 13530 Linden Ave. N., the five-story community was built in 1993 and is roughly 15 minutes north of downtown Seattle. More than $6.8 million of capital improvements were completed between 2020 and 2024. The work included a full roof replacement, fresh exterior paint and a comprehensive renovation and modernization of the amenity spaces. Of the residences, 179 have been fully or partially renovated.

Amenities include 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, coworking space, an expanded dog park and controlled-access garage parking.

Security Properties’ analysis found that Cooper’s per-unit price was below each of 11 comparable apartment sales in Seattle, Shoreline, Lynnwood and Edmonds since June 2025. Those sales ranged from about $270,000 to $426,000 per unit. Chief Investment Officer Mark Bates said finding this type of asset required deep local knowledge and the ability to move when the moment was right. “We were able to buy it at a basis that would be very difficult to replicate in this market,” he said.

CBRE served as broker for the transaction. Citing CBRE data, Security Properties said apartment deliveries across North Seattle, Lynnwood and Shoreline peaked at 2,626 units in 2024. The forecast showed deliveries falling to roughly 500 units annually in 2026 and 2027 and to zero in 2028 and 2029.

Average in-place rent at Cooper is $1,866 per month. Security Properties compared that figure with the estimated $5,572 monthly cost of owning a median-priced North Seattle home, based on Redfin data.

Casey Hursh, head of capital formation, said the capital raise came together in a matter of weeks. He attributed the pace to investors quickly understanding the acquisition and its fit with their desired return profiles.

The transaction follows Security Properties’ five-property, $400.8 million Seattle portfolio acquisition in 2025 and its purchase of Langara in Issaquah, Washington, earlier in 2026.

Whether Security Properties plans additional renovations beyond the work already completed is not addressed in the announcement.