Security Properties Makes Strategic Acquisition of Cooper Apartments at Competitive Price Point

Security Properties Acquires Cooper Apartments at Prime Location

In a strategic move showcasing its market acumen, Security Properties, a leading real estate investment company in the Pacific Northwest, has completed the acquisition of Cooper Apartments, a 186-unit community located in the Bitter Lake neighborhood of North Seattle. This acquisition, valued at $37.75 million—which translates to approximately $203,000 per unit—was executed at a remarkable 28% discount compared to the property's last sale price of $52.75 million in 2019. Remarkably, this figure is also less than half of the current estimated cost of constructing a similar property in today's market.

Cooper Apartments stands out as the 13th market-rate acquisition for Security Properties' Multifamily Fund 7, further consolidating the firm’s position in the competitive real estate landscape. The acquisition was made possible through a blend of private equity raised from its extensive investor network, marking a significant venture amidst a backdrop of rising property values in the region.

Comprehensive Community Features

The five-story Cooper Apartments, built in 1993 and situated just 15 minutes north of downtown Seattle, has undergone substantial renovations and capital improvements exceeding $6.8 million between 2020 and 2024. These enhancements include a complete roof replacement, fresh paint exteriors, and comprehensive upgrades to community amenity spaces, which cater to residents' comfort and leisure. Noteworthy features of the community include a beer hall-inspired courtyard complete with fire pits and grills, a stylish clubhouse equipped with a chef's kitchen, a fitness center featuring a dedicated yoga room, and co-working spaces that meet remote work demands. Additionally, the expanded dog park and controlled-access garage parking add to the appeal for potential residents.

As part of the property renovations, out of 186 units, 179 have received full or partial upgrades, ensuring that contemporary living standards are met. The amenities designed for social interaction and recreational activities make Cooper Apartments an attractive choice for diverse residents seeking quality housing.

Analyzing Local Market Trends

According to an analysis conducted by Security Properties, Cooper Apartments' sale price stands out as notably lower than other comparable properties that have transacted in the Seattle, Shoreline, Lynnwood, and Edmonds areas since June 2025. Comparables fetched sale prices ranging from $270,000 to $426,000 per unit, underscoring the exceptional nature of this acquisition.

Mark Bates, Chief Investment Officer at Security Properties, articulated the challenges involved in locating such an asset. "Finding an asset like Cooper takes deep local knowledge and the ability to move when the moment is right. The previous owner had laid the groundwork—upgrading the roof, the exterior, and amenity spaces—allowing us to acquire it at a price that would be difficult to replicate in this market."

The timing of this acquisition appears beneficial for several reasons. Data from CBRE indicates that new apartment deliveries in regions across North Seattle, Lynnwood, and Shoreline peaked at 2,626 units in 2024, but are projected to decline dramatically to around 500 units annually in 2026 and 2027, sharply dropping to zero in 2028 and 2029.

Demand for Rental Housing

Interestingly, the current average rent at Cooper Apartments is $1,866 per month, a stark contrast to the estimated $5,572 monthly cost associated with owning a median-priced home in North Seattle, according to Redfin data. Bates noted, "New supply in this part of the region is about to drop sharply, and owning a home in North Seattle costs close to three times what our residents pay in rent. These trends indicate a stable demand for well-located rental housing, and we acquired Cooper at a price that positions us well for future growth."

The efficient closing process was pivotal in securing the acquisition. Casey Hursh, Head of Capital Formation at Security Properties, highlighted their team's effectiveness in swiftly procuring capital for such investment opportunities. "When our acquisitions team identifies an opportunity like Cooper, our investors quickly recognize the value, because assets like this don't present themselves frequently."

Cooper Apartments enhances Security Properties' strong commitment to the Seattle region, following a significant acquisition of a five-property portfolio for $400.8 million in 2025 and the recent purchase of Langara in Issaquah earlier this year.

Company Overview

Founded over fifty years ago, Security Properties is headquartered in Seattle and has a notable reputation for providing quality housing while achieving solid financial performance for its investors. Throughout its operations, the company, along with its partners, has acquired and developed an impressive total of 111,881 residential units, amounting to more than $11 billion invested across 676 properties. This recent acquisition of Cooper Apartments exemplifies not only Security Properties' strategic investment approach but also its deep commitment to enhancing the housing landscape in Seattle.

For more details about Security Properties and its real estate initiatives, visit SecurityProperties.com.