Security Properties, a leading real estate investment firm focused on multifamily and affordable housing in the Pacific Northwest, is exiting the property management business to focus on national investment growth.
The Seattle-based company is simplifying its operating platform by transitioning its property management business to third-party providers and doubling down on its core strengths as a real estate investor.
“For over half a century, Security Properties has been focused on creating value through disciplined investment,” said CEO Dan Byrnes. “As the industry evolves, we believe the best way to scale our impact is to partner with best-in-class operators while concentrating our internal resources on market-rate acquisitions, affordable housing, and investment management. This transition positions us to extend our investment platform nationally while maintaining the high operating standards our partners and residents expect.”
In 2025, Security Properties made eight market-rate acquisitions totaling nearly $700 million, enabled by its roster of institutional equity partners that include Fortune 100 insurance companies, private equity funds, and ultra-high-net-worth family offices. The shift to the third-party property management model will help accelerate its growth and expand its investment footprint across key U.S. markets.
Security Properties selected Maryland-based Bozzuto as its primary property manager in the Pacific Northwest, transitioning over 30 communities comprising around 9,000 units. Approximately 400 on-site employees and a third of Security Properties’ corporate employees are joining Bozzuto.
This also marks a major geographic expansion for Bozzuto, making Seattle its fourth-largest market.
“This is a strong strategic alignment built on shared values, execution, and long-term vision,” said president and CEO Toby Bozzuto. “We’ve been excited about the Pacific Northwest for some time, and Security Properties brings the discipline and commitment needed to deliver results for residents and investors.”
According to Bozzuto, it will assume property management responsibilities for the transitioning assets in phases to ensure operational stability and a seamless experience for residents and ownership partners.
“Security Properties has demonstrated strong stewardship and a clear long-term vision for its communities,” added Stephanie Williams, president of Bozzuto Management Co. “We are proud to align with partners who share our values and commitment to excellence. We are honored to welcome new employees and communities, while further expanding our resident-focused approach and operational expertise in the Pacific Northwest.”
The remaining assets of Security Properties will be evaluated through a competitive RFP process to ensure best-in-class operating partnerships across its portfolio.