Strategic Acquisition of Henry Apartments by Security Properties in Seattle's Queen Anne Neighborhood

Security Properties Strengthens Seattle Portfolio with Henry Apartments Acquisition

In a significant move to capitalize on changing living patterns in Seattle, Security Properties, in partnership with RGA ReCap Incorporated, has successfully acquired Henry Apartments. This 100-unit multifamily property, which was built in 2017, has been purchased for $34.75 million, with the acquisition taking place on April 9, 2025. The deal reflects an astute strategy by Security Properties as Seattle witnesses an increase in office foot traffic and a heightened demand for residential accommodations close to major employment hubs.

The acquisition of Henry Apartments comes at a pivotal moment in Seattle's real estate market. Following a surge in office attendance requirements from major employers like Amazon, which mandated a return to the office five days a week, Seattle’s downtown area experienced a remarkable increase in weekday foot traffic. In January 2025 alone, the city welcomed approximately 2 million unique visitors downtown, the second-highest figure since the onset of the pandemic in March 2020. As remote work declines, the need for conveniently located housing options has become more pronounced, making Henry Apartments a valuable asset in this evolving landscape.

Located in the coveted Queen Anne neighborhood, Henry Apartments offers not only a prime location but also a blend of historic charm and modern conveniences. This neighborhood is renowned for its tree-lined streets, stunning views, and vibrant community, providing residents with easy access to shopping, dining, cultural attractions, and outdoor recreational opportunities. Such factors enhance the desirability of Henry Apartments, catering perfectly to individuals and families looking to enjoy urban living.

Moreover, the local construction market for new multifamily residential buildings is projected to experience a downturn, with estimates suggesting a nearly 70% decrease in new developments over the next couple of years. This decline, compounded by the increasing return-to-office mandates, positions Henry Apartments advantageously amidst limited competition, ensuring sustained rental demand in the area.

Daniel Diaz, Director at Security Properties, emphasized the strategic intent behind this acquisition. He noted, “Henry exemplifies our strategy of investing in high-quality assets located in premier, supply-constrained neighborhoods with exceptional connectivity to employment and lifestyle amenities. The Queen Anne neighborhood continues to be bolstered by renewed return-to-office momentum, particularly given that major employers are drawing talent back to the urban core. This shift translates to stronger leasing activity, and Henry is well-positioned to capture that demand due to its proximity to South Lake Union and Downtown Seattle.”

In anticipation of enhancing the living experience at Henry, Security Properties plans to implement a renovation program aimed at updating the property while maintaining its high-end finishes. This initiative will elevate the amenities provided to the residents, further improving the overall appeal of the community.

With the addition of Henry Apartments to its portfolio, Security Properties has broadened its ownership to 29 properties, totaling over 6,500 units in the Greater Seattle area, with approximately 25,000 units recorded nationwide. The management of Henry Apartments will fall under the purview of Security Properties Residential, the affiliated property management company that focuses on maximizing values across its real estate holdings.

Founded more than 50 years ago, Security Properties has built a reputation as a proponent of quality housing and robust financial performance in the real estate market. The firm has successfully acquired or developed over 111,000 residential units, emphasizing its commitment to multifamily housing and integrated property management.

The acquisition of Henry Apartments not only underscores Security Properties’ commitment to investing in prime real estate but also reflects a broader trend towards urban living that prioritizes both accessibility and quality of life. As Seattle continues to evolve as a leading urban landscape, properties like Henry will play a crucial role in meeting the housing needs of its residents.