Security Properties has completed one of the largest multifamily acquisitions in the Seattle metro so far this year with the purchase of a five-property portfolio from Washington Holdings for $400.8 million. Eastdil Secured represented the seller in the transaction.
Totaling 903 units, the acquisition bolsters the Seattle-based real estate investment firm’s Pacific Northwest portfolio and comes at a time when multifamily fundamentals remain strong in the market. The acquired properties include Liza Eastlake, The Hemlock, The Hayes on Stone Way, Carter on the Park, and Heron Flats & Lofts.
“This acquisition underscores our long-term commitment to Seattle and the Pacific Northwest,” said CEO Don Byrnes. “These communities are in neighborhoods where our team members live, where we have deep local knowledge, and where we see exceptional long-term value. This is our second acquisition from Washington Holdings this year, and they have an outstanding reputation for delivering and preserving high-quality assets. We’re excited to continue the stewardship and provide unmatched living experiences to Seattle residents.”
Mark Bates, who stepped into the role as chief investment officer earlier this summer with a focus on streamlining product offerings to investors, also noted the significance of the transaction and how it can be replicated nationwide.
“This acquisition not only strengthens our Seattle portfolio but also demonstrates our ability to execute complex transactions that require creative capital structures and trusted capital relationships,” he said. “It’s a clear example of our team’s ability to deliver for our partners and something we have been working toward for the past year.”
Bates noted the firm’s goal for 2025 is to create a structure that breaks down barriers between its product types—market-rate, affordable, and development—so it can better match the right capital with the right investment opportunities.
“My focus is on making our investment platform more interconnected, efficient, and responsive to our partners,” he said.
This acquisition builds on the Seattle-based firm’s busy first half of 2025. In the spring, it sold the last asset purchased from the Security Properties Multifamily Fund II, an investment vehicle that launched in late 2013 with 13 properties. The fund delivered strong returns, generating an internal rate of return of 27.2% and an equity multiple of approximately 3.3x.
According to the firm, this performance is an example of the diversified, value-add investment strategy that defines its platform. The team also prides itself on its track record to underwrite with precision, considering factors such as supply, operating performance, and asset-specific locational and demand drivers that support long-term value creation.
Security Properties plans to extend its formular and market expertise as it expands nationwide, with a focus on markets such as Denver; Nashville, Tennessee; and the San Francisco Bay Area.
“Our approach is precise and data-driven. Whether in Seattle or in other target metros, we are committed to finding the right investments for our partners, assets that can outperform through thoughtful acquisition, strong operations, and a long-term view,” added Bates.