REAL ESTATE NEWS

Security Properties is paying $400.8 million to acquire a multifamily portfolio in Seattle, a market that the company sees with favorable fundamentals.

Five assets are included in total: The Hayes Stone Way, Carter on the Park, Heron Flats & Lofts, Liza Eastlake and The Hemlock. In total, they account for 903 units. According to Security, this marks one of the biggest multifamily purchases made in Seattle in 2025.

Also, even with headwinds like economic uncertainty lying ahead, Security said Seattle's multifamily sector remains in great shape. The company noted that construction in the market continues to dwindle, and the return to office trend has been favorable in the area.

Another advantage — the properties are near major local employers, according to Security, which manages more than 22,000 in its entire multifamily portfolio.

"This acquisition underscores our long-term commitment to Seattle and the Pacific Northwest," Dan Byrnes, CEO of Security, said in a statement.

"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."

On the downside, Markerr ranks Seattle near the bottom of its list, where it tracked more than 100 Metro areas, for projected rent growth through 2030. The Emerald City is only expected to see annual growth between 2.5 and 2.8 percent, compared with other markets like Syracuse, New York and Youngstown, Ohio, which are forecasted for growth in the five percent range.

The move marks Security's at least second acquisition in Seattle this year. In April, the firm announced it bought a 100-unit multifamily asset in the city for $34.75 million.

In the future, the Seattle-based firm said it will focus on other major markets for investments, including in the Bay Area, Nashville and Denver. Security said it weighs multiple factors such as supply dynamics, operating performance, the location and demand drivers when making decisions.

"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," Mark Bates, chief investment officer of the company, explained.

Washington Holdings was listed as the seller of the five properties, which were represented by Eastdil Secured.

Source: GlobeSt/ALM