security properties , founded in 1969 by paul pfleger , is a multi-family residential investment , development , and managementfirm based in seattle , wa .

security properties utilizes the federal low income housing tax credit .

security properties

- based security properties , is being fully integrated into security properties and rebranded as security properties residential . as part of this integration , security properties is also announcing that
the property will be managed by security properties residential , an affiliate of security properties .
security properties affiliate madrona ridge residential is being rebranded as security properties residential . many of security properties’ seattle acquisitions are being managed by madrona . the company also added mike voorhees as president .
beaverton , ore . - security properties acquired three portland suburban apartment properties for $ 34 . 3 million .
sp now owns five assets totaling 795 units in the nashville marketplace and the property will be managed by security properties - affiliate security properties residential .
usaa real estate co . is security properties ' equity partner . this project is security properties ' first with usaa and its first on the eastside .
security properties , which will serve as master developer of the property , is interviewing architects . beijing jade investment group will be security properties’ initial capital partner .
with the deal , security properties ups its puget sound portfolio to 18 properties totaling more than 4 , 000 units .
pcc also anchors security properties ' mixed - use complex in fremont called epicenter .
property records show security properties paid $ 10 . 7 million for the land .
security properties has an option to develop another 225 units on an adjacent parcel .
madrona ridge residential , an affiliate of security properties , will manage the property .
security properties anticipates a 24 - month timeline for construction on the second phase .
pavilions on central will be managed by the owner’s affiliate , security properties residential .
admiral capital and security properties acquire hamptons at woodland pointe in nashville , tn .
security properties 701 fifth ave . , suite 5700 ; seattle , wa 98104 ( 206 ) 622 - 9900 urltoken security properties specializes in the acquisition of senior and family affordable housing properties across the country .
security properties residential believes that this partnership further reinforces its commitment to community service and philanthropy . this year alone , security properties residential and its affiliates have donated more than
keybank provided a 5 - year term floating - rate loan on the property . the property will be managed by security properties residential , an affiliate of security properties .
madrona ridge residential , security properties ' property management company , will manage the complex .
security properties began construction on its second phase of mixed - use development last week .
security properties celebrated the opening of sparc apartments in bellevue’s spring district on may 18 .
security properties affiliate madrona ridge residential will manage both the soma and echo lake assets .
security properties buys 178 - unit trax at dupont station apartments for $ 32 . 25mm
glassdoor gives you an inside look at what it ' s like to work at security properties , including salaries , reviews , office photos , and more . this is the security properties company profile . all content is posted anonymously by employees working at security properties .
security properties and cigna investment management have acquired arbor heights , a class a garden - style community in tigard , ore . , for $ 81 million . this purchase marks security properties’ fourth venture with cigna . the property will be managed by security properties residential .
this acquisition is security properties ' second purchase in the seattle metropolitan area recently and the seventh acquisition for the security properties multifamily fund , according to chief investment officer david dufenhorst .
under this new organization , security properties residential will have a unified brand and organization , and will be further integrated with the security properties platform to enhance coordination and risk management .
security properties plans to begin construction next year and people will start living there in 2015 .
michael nanney , director of multifamily development for security properties , said the goal is to start construction by the end of the year . security properties is seeking building permits from the city .
security intends to upgrade the properties and will manage them through its madrona ridge residential operating arm .
sparc will occupy about half of security properties ' land and the rest will be open space .
both touchstone and security properties have cited the denny triangle location as a driver of their projects .
security properties bought the 188 - unit property for $ 30 million , the company announced thursday .
security properties is a national real estate investment , development , and operating company headquartered in seattle .
security properties t : 206 . 622 . 9900 f : 206 . 628 . 8031 media inquiries security property investors new development opportunities acquisitions affordable housing
this is security properties ' seventh purchase in the last 11 months , according to the press release .
madrona ridge residential , an affiliate of security properties , is responsible for the management of the property .
, formerly of holland residential and holland partner group , has recently joined security properties residential as president .
security properties acquires 256 - unit martinique bay apartments for $ 42 . 75 million in las vegas submarket
scalability and composability - challenge : develop methods to enable the construction of secure systems with known security properties from components with known security properties , without a requirement to fully re - analyze the constituent components .
the security properties phoenix portfolio has now grown to four properties for a total of 1 , 030 units located in scottsdale , tempe , and now chandler .
security properties has owned multifamily properties in the sacramento market in the past , but this is its first purchase in the current market cycle , byrnes said .
in the first phase , security properties will develop five apartment buildings with 316 units . johnson said he chose security properties because he likes the unique designs it chooses . the spring district apartments will look more like fremont — where security properties ' epicenter building sprouts giant stainless steel tendrils — than bellevue or redmond .
chandler , az - security properties purchased arches at hidden creek , a 432 - unit multifamily property located in chandler , az for $ 55 million . security properties now own five assets in the phoenix marketplace .
santa rosa , ca - security properties inc . has teamed with real estate capital partners to purchase redwood park apartments , a 156 - unit apartment project here in santa rosa , ca . the property was acquired by security properties through the firm’s security properties multifamily fund for a purchase price of $ 24 . 5 million .
security properties is planning five buildings in all , with a total of 309 units and 305 parking spaces .
security properties developed the project at 4557 11th ave . n . e . it was completed in august .
venture of security properties , loma linda university and sunroad enterprises acquired an apartment complex in reno , nev .
seattle real estate investor security properties has purchased the bluffs at castle rock apartment complex for $ 50 million .
urltoken security properties has shelled out $ 59 million for its ninth community in the phoenix market . the firm
dufenhorst said security properties partnered with new york - based real estate capital partners , an investment advisory firm . security properties has a 20 percent ownership stake , he said , and its management arm will run the apartments .
security properties replaced the original electrical system , installed high - speed fiber networking , and added washers and dryers .
last month , security properties purchased orchard club , an affordable community in las vegas , for $ 27 million .
to housing and hunger related charities . additionally , security properties residential will be participating in move for hunger ' s
the completion of fund i is a significant milestone for security properties . since forming fund i , security properties has raised four other discretionary investment vehicles from individuals , multi - family offices , and institutions and has directed syndications of individual properties on a periodic basis . fund i greatly enhanced security properties ' investor base and allowed it to expand relationships with several institutional partners that continue to this day .
outstanding security service leader 2010 office tower of grand gateway 66 was awarded the
outstanding security service leader 2010
award presented by the public security bureau of xuhui district .
under wraps : in select markets , security properties is turning around off - market and distressed acquisitions via master leasing .
security properties plans to invest approximately $ 430 , 000 for improvements to both the interior and exterior of the property .
security properties said it bought the 62 - unit westwater apartments on first street in downtown kirkland for $ 18 million .
security properties said it plans to do some upgrades to the interior finishes and fixtures , such as lighting and carpets .
security properties closed a deal last week to buy the land from hal real estate for $ 7 . 18 million .
according to mark hoyt , senior director of investments at security properties , several factors prompted the pursuit of this asset .
according to mark hoyt , senior director of investments at security properties , several factors prompted the pursuit of this asset .
the five buildings security properties is planning will range from three to nine stories and have a total of 305 units .
security properties broke ground this week on its first two apartment buildings in the 36 - acre spring district in bellevue .
as urltoken reported earlier in the year , one of the fund’s acquisitions was when security properties inc . teamed with real estate capital partners to purchase redwood park apartments , a 156 - unit apartment project in santa rosa , ca . the property was acquired by security properties through the firm’s security properties multifamily fund for a purchase price of $ 24 . 5 million .
seattle , wa - security properties and intercontinental real estate corporation purchased echo lake apartments , a 289 - unit apartment property with 8 , 999sf of retail built in 2009 and located in shoreline , wa . security properties now owns a total of 18 assets in the puget sound region . the asset was purchased in the fourth joint venture between security properties and intercontinental .
tacoma , wash . / beaverton , ore . —security properties inc . has announced that its sponsored fund , security properties multifamily fund , has acquired interests in four properties totaling 380 units . the fund will continue to invest in additional properties over the next two to three years , creating a portfolio that should eventually total between 1 , 500 and 2 , 000 units .
recapitalized , security properties commenced the acquisition of numerous market - rate multifamily assets . the company also expanded its development activities .
hfo investment real estate represented both security properties and the developer of element 170 , metropolitan land group , in the transaction .
black mountain villas , a 296 - unit , multi - family property located in henderson , nevada was recently acquired by security properties through its security properties multi - family fund iii in its second joint venture with new york life real estate investors .
bellevue , wa—security properties and pacific life insurance company have purchased overlook at lakemont , a 400 - unit , class b multifamily property located here , for $ 118 million . the may 25 deal was security properties’ first joint venture with pacific life .
. for nearly 50 years , security properties has provided quality housing to its residents as well as excellent financial performance for its investors . since its founding , security properties has acquired or developed over 81 , 600 residential units at a cost of over
a new management team was recruited to lead security properties ' acquisition and development operations and assume responsibility for the existing portfolio of affordable assets . to fuel growth beyond its internal capital base , security properties cultivated relationships with financial advisors and other investment‐oriented institutions .
. for more than 47 years , security properties has provided quality housing to its residents as well as excellent financial performance for its investors . since its founding , security properties has acquired or developed over 66 , 500 residential units at a cost of over
. for more than 48 years , security properties has provided quality housing to its residents as well as excellent financial performance for its investors . since its founding , security properties has acquired or developed over 83 , 000 residential units at a cost of over
. for more than 47 years , security properties has provided quality housing to its residents as well as excellent financial performance for its investors . since its founding , security properties has acquired or developed over 80 , 000 residential units at a cost of over
security properties purchased willows at printers park , a 220 - unit , class b + multifamily property located in colorado springs , co for $ 41 , 000 , 000 . security properties now owns three market - rate assets totaling 740 units in colorado .
seattle - based security properties has prevailed in one of the greater portland area ' s most competitive apartment offerings in recent memory .
las vegas—security properties has completed its first property acquisition in las vegas with the purchase of desert shadows . the 192 - unit community is located near the summerlin submarket of northwest las vegas , and is is the second purchase by security properties multifamily fund ii .
michael nanney of security properties said they will be built in phases and open one at a time , over about two years .
urltoken security properties paid $ 41 mil for willows at printers park , a 220 - unit , class b + multifamily property located in colorado springs , co . with this buy , security properties now owns three market - rate assets totaling 740 units in colorado .
security properties held it ' s summer investor party at the on the park property in the ballard neighborhood of seattle on july 25th .
dan bozich of urban works real estate represented security properties in the transaction , and nathan sasaki of apex real estate partners represented pnca .
security properties also recently sold its first asset in the security properties multifamily fund , called chelsea heights , located in tacoma , wa . the sale of the condo - to - apartment conversion project , purchased out of foreclosure , generated a highly attractive return to investors .
greg johnson of wright runstad told the djc last year he chose security properties to do the apartments because he likes its unique designs .
security properties is a national real estate investment , development , and operating company headquartered in seattle . since its founding more than 45 years ago , security properties has acquired or developed over 66 , 500 residential units at a cost of over $ 3 . 35 billion .
security properties has begun construction on the second phase of it’s mixed - use residential development in bellevue’s 36 - acre spring district neighborhood .
security - metrics - driven evaluation , design , development , and deployment - challenge : develop security metrics and models capable of predicting whether or confirming that a given cyber system preserves a given set of security properties ( deterministically or probabilistically ) , in a given context .
ivc post - security properties inc . , one of the largest multifamily real estate owners in the country , today announced that its multifamily fund has completed its third closing and acquired two new apartment properties .
security properties is based in seattle and says it is one of the largest owners of multifamily real estate in the country . it has acquired or developed nearly 66 , 000 housing units in 450 properties .
seattle - locally based security properties has closed its security properties multifamily fund , launched in june 2011 . the fund acquired , both directly and through joint ventures , 2 , 471 apartment units located in the seattle , portland , the san francisco bay area and phoenix markets .
in 2008 , security properties said it planned to break ground on the tower by mid - 2009 , but by then the recession was in full swing . kinects remained on the shelf until last year , when security properties filed applications with the city to prepare for construction .
for more than 40 years , security properties has provided quality housing to its residents as well as excellent financial performance for its investors . over time , security properties has acquired or developed over 66 , 500 residential units at a cost of over $ 3 . 35 billon . security properties maintains a focused multifamily strategy supported by integrated teams of professional acquisition , development , construction , investment , and property management specialists .
security properties residential is the affiliated property management firm of security properties , created to increase the value of its real estate holdings by more closely managing its assets . operating throughout the western u . s . , security properties residential is committed to delivering exceptional service to its apartment communities and residents . services include property , construction and compliance management services that create positive living environments for residents and build value for clients .
“this acquisition follows security properties efforts to acquire properties with renovation potential in supply - constrained markets and submarkets , ” said beau madsen , manager at security properties . “the henley represents a high - yielding asset at a compelling basis , and is well - positioned to undergo a renovation that will increase value for both our investors and henley residents . ”
“this acquisition follows security properties efforts to acquire properties with renovation potential in supply - constrained markets and submarkets , ” said beau madsen , manager at security properties . “the henley represents a high - yielding asset at a compelling basis , and is well - positioned to undergo a renovation that will increase value for both our investors and henley residents . ”
seattle—multifamily real estate investor , developer and operator security properties says that its long - time chief executive officer and president john orehek has retired .
security properties , in a joint venture with pccp llc , has purchased element 170 apartments , a new construction , class a , 243 - unit multifamily property for $ 39 millionthrough its security properties multifamily fund ii . the property is the latest of eight acquisitions in the fund .
security properties is on track to start construction of the first housing project in the 36 - acre spring district in bellevue within a month .
security properties has opened panorama apartments after a year - long renovation of the 18 - story , 179 - unit complex on first hill .
university village , a large affordable housing development in dekalb , ill . , will undergo a major rehabilitation after being recapitalized by security properties .
even so , security properties wanted to hedge its bet , requesting that mithun design into the commercial building the flexibility to convert to residential .
as the u . s . economy entered a recession , security properties focused on opportunistic acquisitions and optimizing its existing portfolio through the combined focus on ground - level asset management and a methodical recapitalization of its properties .
security properties was founded by paul pfleger in 1969 to assist clients in managing their growing tax burdens through hud - sponsored affordable housing investment programs .
i applied through college or university . the process took 1 day . i interviewed at security properties ( seattle , wa ) in april 2012 .
seattle — security properties bought the 38 - unit college street apartment complex in west seattle ' s admiral district for $ 4 . 8 million .
these traits have earned the cfo of security properties , a seattle - based national investor and developer of apartments , high praise from his colleagues .
the security properties / loma linda venture funded its purchase in part with a $ 32 . 2 million mortgage with a 10 - year term from
the 347 - unit complex was built in 1987 and 1990 . security properties plans to renovate the unit interiors and improve amenity areas and aesthetics .
news blogs webcasts press releases directory videos events apartments security properties acquires 267 - unit apartment community for $ 35 . 2 million in lakewood , washington
security properties investment manager tad johnson said the boutique - size apartments in a growing employment center where urltoken inc . and other tech companies are expanding make it
a nearly irreplaceable asset .
security properties plans to upgrade the interiors , possibly upgrading appliances and installing new flooring and lighting .
security properties announced friday that it closed escrow on sycamore terrace , a 244 - unit property that’s the newest large apartment complex in that area .
security properties and wright runstad & co . , the seattle - based developer of the 16 - block spring district , said security will buy 2 . 5 acres . security also will have an option to develop another 225 units on an adjacent property , wright runstad president greg johnson said .
research lablets - stimulates basic research to create scientific underpinnings for security ; advocates for scientific rigor in security research ; creates and broadens a science of security community and culture in the ic ; identifies
hard problems
in security that require science as a community focus and measurement of progress .
seattle – security properties inc . has acquired the 220 - unit reserve at northglenn apartments located in northglenn , co for $ 23 . 5 million .
, seattle - based developer security properties commissioned the artwork as part of its commitment to enhancing each new project and neighborhood with unique and local artwork .
by the end of 2005 , security properties had re - engaged its affordable housing acquisition efforts and closed on its first tax credit acquisition rehab community .
the acquisition nearly doubles the number of units that security owns in snohomish county to 600 in three properties . security is actively buying and building apartments in the puget sound region . it’s building large projects in seattle and bellevue .
five years ago , near what was then the top of the apartment market , security properties paid $ 28 . 75 million for a “tired” property in bellevue . on thursday , security sold it for nearly $ 42 million .
sparc will have 13 , 000 square feet of retail in one building . the space has been leased , but security properties did not name the tenant .
security properties ' john marasco said potential tenants could include tech employees — working at or near microsoft — and medical employees working at overlake hospital medical center .
krokower stays on top of security properties’ finances even though he’s up for an hour in the middle of most nights taking care of his family’s seven dogs .
security properties , like vitus and devco , makes money by building and operating low - income units — about 7 , 400 such units around the nation .
in 2010 , security properties residential ( formerly known as madrona ridge residential ) , the management unit for most of security properties’ holdings , was added to the mix . all four business units work across any economic environment , with affordable housing offering an offset to the risk typically seen in ground - up development .
. security properties maintains a focused multi - family strategy supported by integrated teams of professional acquisition , development , construction , investment , and property management specialists .
capital for fund i was raised from accredited high net worth investors and deployed alongside different institutional limited partners and lenders on an asset - by asset basis over a two year investment period . all of the properties acquired were existing , cash flow generating assets that were enhanced through renovation , rebranding and managerial oversight by security properties and its in - house property management affiliate , security properties residential .
as security properties residential , the firm ' s existing 426 employees will continue to provide exceptional residential management services for security properties residents , its high - net worth investors , and its institutional real estate partners and lenders . madrona ridge was created in 2010 , after a 15 year non - compete related to the sale by security properties of its prior management company expired . its purpose is to increase the value of its real estate holdings by more closely managing its assets .
security properties chief operating officer tim overland said the increased value of edgewood park is a product of both the market and the improvements that security made to the property at 1501 145th place s . e . in the lake hills neighborhood .
security properties inc . , one of the largest multifamily real estate owners in the country , today announced the formation of madrona ridge residential , its new affiliated property management firm . as an affiliate of security properties , madrona ridge residential will provide property management services for apartment communities in markets across the u . s .
the security properties multifamily fund was launched in june 2011 . security properties partnered with its investors to create a private equity real estate fund that would provide a diversified alternative to stocks and bonds . the fund was created to make direct investments , either through wholly - owned entities or in joint venture partnership with institutions .
the buyer , seattle - based security properties , teamed up with an institutional investor to buy the property , which is called on the green at harbour pointe . the property at 12303 harbour pointe blvd . is next to a golf course . officials of security properties said they could not name the co - investor .
security properties residential is the affiliated property management firm of security properties , created to increase the value of its real estate holdings by more closely managing its assets . operating throughout the western u . s . , security properties residential is committed to delivering exceptional service to its apartment communities and residents . services include property , construction and compliance management services that create positive living environments for residents and build value for clients . for more information , please visit www . securityproperties . com .
, which was recently rebranded from madrona ridge , will be managing the properties .
this is the 13th property acquired under the security properties multifamily fund , which has made investments , either directly or on a joint - venture basis , in approximately $ 270 million worth of properties since mid - 2011 . it is comprised of approximately 1 , 600 units across multiple geographies , according to a prepared statement . the acquisition marks the second partnership between security properties and real estate capital partners .
security properties ceo david dufenhorston wednesday said he has yet to meet the 7 - foot , 1 - inch robinson , who played for the san antonio spurs .
sparc will have about 14 , 000 square feet of retail . the space has been leased , security properties said , but it did not name the tenant .
construction of the spring district ' s streets and other infrastructure began last year , and security properties started building the first phase of the apartments earlier this month .
the acquisition is the third in metro nashville this year for security properties , which an institutional investor joined in buying the community at 1034 windcross court in franklin .
security properties announced the acquisition this week , and said in a release that it will upgrade 96 apartments . company affiliate madrona ridge residential will manage the property .
, managing director and the new president of security properties residential , stated :
i look forward to building on the talent , experience and systems that have allowed security properties residential to reach the point where it is today and to help expand the platform to serve the needs of our residents , partners and investors .
journal staff - daily journal of commerce security properties received a certificate of occupancy on monday for kinects apartment tower at 1823 minor ave . in the denny triangle .
security properties is expanding its portfolio in northern california . recently , it purchased the 244 - unit sycamore terrace complex in sacramento for $ 57 . 4 million .
on may 31 , 2018 , admiral capital group and security properties purchased hamptons at woodland pointe , a 240 - unit multifamily property located in nashville , tn .
science of science virtual organization - provides a focal point for security science related work , and a collaborative environment the community can use to further advance security science .
more information about these initiatives can be found on the science of security website .
security professional of the year award : sharon faulkner , paramount group , inc .
forest ridge has everything we like in a multifamily property : excellent rental performance , a thriving neighborhood and numerous amenities , all of which create a good investment ,
said david dufenhorst , chief investment officer at security properties . security properties portfolio now includes 6 assets in the portland market for a total of 789 units .
the class a property located at 11450 community center drive consists of affordable apartments for individuals earning less than 60 percent of area median income . the property represents the fourth such acquisition by security properties in denver over the last fourteen months . with the acquisition , security properties now owns approximately 1 , 500 apartment units in denver .
apa , ca - security properties , in a joint venture with intercontinental real estate corporation , purchased the 178 - unit saratoga downs apartments for $ 58 , 050 , 000 through its security properties multifamily fund ii . the property , located inside the city of napa , california is the latest of eight acquisitions in the fund .
seattle - based security properties is performing a substantial upgrade of the nationally registered historic property on the block bound by northwest hoyt and glisan streets , and ninth and park avenues . the building is expected to compete with the neighborhood’s class a properties .
another seattle company , security properties , will build five four - to eight - story apartment buildings with a total of 316 units . construction of the apartments is scheduled to start by june 2014 , security chief development officer john marasco said friday .
as part of the purchase , security properties will deploy madrona ridge residential , its integrated property management company , to assume management responsibilities to provide residents with outstanding service .
we believe we have acquired a quality asset at a compelling price at the right time , ” security properties director of acquisitions barrett sigmund said in a statement .
professional basketball legend david robinson and seattle real estate investment company security properties have jointly paid $ 40 . 2 million for a 304 - unit apartment complex in kent .
security properties has an option to buy an 84 , 000 - square - foot parcel in the spring district east of sparc where it could build another 250 units .
the university of washington owns the land , and arranged a long - term lease with security properties to develop the site in a joint venture with a capital partner .
security properties ' team also includes equity partner hal real estate , financial partner pacific life insurance co . , general contractor walsh construction and structural engineer swenson say faget .
marc stiles - staff writer - puget sound business journal apartment landlord security properties of seattle has acquired a large property in shoreline and a smaller asset in downtown bellevue .
; and off broadway , a 320 - unit property built in 1986 and located in mesa , az . security properties now owns a total of eight assets in the
security properties will serve as master developer of the pepsico property . the company is in the process of interviewing architects to begin conceptual design for the multiphase redevelopment project .
a long - term focus is fundamental for the vision of security properties to overcome market uncertainty , especially in light of potential tax reform happening at the federal level .
security properties is excited about the addition of eagle pointe to its growing pacific northwest portfolio that currently consists of nearly 7 , 500 units . the multifamily market fundamentals in
security properties has already done one project that targets medical professionals : bridges @ 11th in the university district . the first units there are expected to open in may , and the complex is designed partially for employees of seattle children ' s and university of washington school of medicine . while planning that project , security properties asked employees what they wanted . that feedback lead security properties to add some three - bedroom units in the spring district as well as more two - bedroom units and larger units in general .
john m . griffin community service award : william dacunto , silverstein properties , inc .
security properties residential provides exceptional property , construction and compliance management services . we’re fiercely committed to our residents and our owners – always going one step further to exceed expectations .
the end of 2010 marked the formation of madrona ridge residential , an affiliated property management company , to resume security properties’ property management function and complement its asset management practices .
marasco said that security properties does not yet have a financial partner but is talking to institutions . “we have a lot of interest in this location , ” he said .
seattle ' s landmarks preservation board has approved the angeline , a six - story complex in columbia city , clearing the way for security properties to begin construction in june .
security properties , along with an east coast life insurance company , teamed up to acquire sonora canyon , a 388 - unit apartment community in mesa for $ 30 million . security properties had previously purchased the property in 2005 , then known as university green , for $ 22 million and sold it in 2007 for $ 33 . 3 million .
security properties , in a joint venture with pccp , llc , has purchased element 170 apartments , a new construction , class a , 243 - unit multifamily property for $ 39 million through its security properties multifamily fund ii . located in beaverton , oregon , a portland suburb , the property is the latest of eight acquisitions in the fund .
some people might be surprised at one thing that vitus , security properties and devco have in common beyond their low - income housing portfolios : they make money on them .
three years later , the same apartments have sold for $ 78 million , this time to seattle ' s security properties and the california - based pacific life insurance company .
“orchard club is a strategic acquisition for security properties , as we are committed to growing our relationship with nevada housing division in an effort to aggressively acquire , preserve and develop high - quality affordable housing throughout las vegas and reno , ” bryon gongaware , managing director of the affordable housing group for security properties , told multi - housing news .
sparc , developed by security properties and financial partner usaa real estate co . , began construction two years ago . gglo designed it and walsh construction co . built it .
phase ii of security properties’ residential contribution to the spring district is currently under development and scheduled to open in late 2018 . it will contain 279 units across three buildings .
“renovation of the commons will allow security properties to preserve the long - term affordability of the building while servicing the senior community for years to come , ” bryon gongaware , managing director of affordable housing at security properties , said in prepared remarks . “ both the preservation and rejuvenation of affordable housing were our driving forces in this effort . ”
, director at security properties , the acquisition was made because ,
we are big believers in workforce housing , especially in metros with substantial job growth . the affordability of
security properties inc . of seattle , which purchased the willows at printer park , plans to upgrade the property ' s clubhouse and expand its amenities , according to cbre .
the new architecture had to be right in both style and scale , so security properties decided on two separate structures , each responding to a different half of the district .
overland said the millington is the third acquisition by security properties multifamily fund ii , and the fund’s second investment in the puget sound region . the fund now owns 722 apartment units . security bought the millington in a joint venture with an unnamed institutional partner .
apartments at the panorama are larger than new - construction units . security properties was going to break them up into smaller residences , but company officials said they quickly realized that the bigger size would differentiate the property from the competition . the panorama has 37 three - bedroom units , the most of any downtown seattle building , according to security properties .
security properties residential recognized that when residents move , they tend to discard a staggering amount of non - perishable food . move for hunger aims to redirect this food to local food banks and community pantries . every week , move for hunger team members collect the non - perishable food items from security properties communities and delivers them to local food banks .
security properties partnered with the afl - cio building industry trust for the development and ownership of on the park . the $ 90 million dollar project was funded entirely with equity .
security properties operates two other multifamily divisions which focus on asset management and development of market - rate assets in prime and sub - markets throughout western united states . headquartered in seattle , washington , security properties owns a portfolio of over 17 , 000 units in 29 states which serves to bolster its reputation as a national leader in multifamily investment and development .
purchased from redwood park apartments ltd . partnership , security properties plans to make upgrades to various features onsite , including the leasing office , clubhouse , common area amenities and signage and branding . as part of the purchase , security properties will deploy madrona ridge residential , its integrated property management company , to assume management responsibilities and provide residents with outstanding service .
in the second largest apartment sale so far this year in snohomish county , security properties has paid $ 63 . 5 million for the millington at merrill creek apartments in everett .
nanney said the buildings will occupy about 60 , 000 of the 110 , 000 square feet of land security properties bought . that leaves 50 , 000 feet for open space .
north portland ' s latest mixed - use project got underway this week when ground broke for security properties ' four - building project at north williams avenue and north mason street .
crews from andersen construction co . are preparing to break ground today on a 41 - story mixed - use tower called kinects that security properties is developing in the denny triangle .
the developer is awaiting permits to build an underground parking garage that will be shared by five apartment buildings . once that is done , security properties will start two apartment buildings .
it’s a complex , regulation - driven business , but not as risky as that sounds because demand for affordable housing is insatiable , said tim overland , president of security properties .
security properties simultaneously executed a rate lock on a $ 34 million freddie mac tax - exempt loan ( tel ) , featuring a 30 - month forward - rate lock term .
the purchase of the 80 - unit complex at 300 31st ave . near centennial park is the fourth in the nashville area for security properties inc . and loma linda university .
adina marcut - multi - housing news security properties expanded its portland footprint with the addition of two properties , the commons , a 172 - unit property and 5819 glisan , a 56 - unit community . pnc bank provided the loan for the acquisition of the commons .
seattle - based security properties paid palo alto , calif . - - based pacific urban residential $ 30 . 35 million for the 192 - unit newport crossing apartment complex in newcastle .
“college street has many of the attributes we like to see in an urban apartment community , ” david dufenhorst , chief investment officer for security properties , said in a press release .
security properties’ development is critical to the spring district because it will set the tone . the company has developed successful projects in urban neighborhoods , such as fremont and ballard in seattle .
last week , security properties and lubert - adler sold the 100 - unit pearl district apartments for $ 37 . 1 million to san jose real estate investment firm dinapoli capital partners .
security properties this spring started construction of a downtown seattle high - rise with no hoopla , but unlike the quiet launch the uniquely shaped building itself will stand out on the skyline .
among the biggest winners of the decision to site the global innovation exchange , or gix , in bellevue are two seattle firms : wright runstad & co . , and security properties .
echo lake apartments falls right in line with our strategy of buying in the best micro - location in a submarket ,
security properties director davis vaughn said in a statement .
, a joint venture between security properties and funds managed by oaktree capital management , l . p . purchased canyon creek , a 440 - unit property built in 1984 and located in
the transaction also marks security properties ' first partnership with commerce city housing authority .
partnering with commerce city housing authority was key for us in this transaction . being able to engage with local stakeholders to preserve and rejuvenate affordable housing for this community is a win for all involved ,
states steve teselle , director with the affordable housing group at security properties .
krokower not only leads as cfo , he also has been on the forefront of a critical personnel decision . last year , john orehek , security’s longtime ceo and president , retired . security properties officials said krokower was the first in line to help shepherd the ensuing transition , with two security employees , david dufenhorst and overland , becoming ceo and president , respectively .
700 broadway ' s occupancy rate is high , with an average per - square - foot rent of $ 1 . 87 . in addition to the planned physical improvements to the location , security properties expects to improve operating performance through focused management and the implementation of institutional management practices by its property management affiliate madrona ridge residential . security properties acquired the property in a joint venture with an institutional partner . the security properties share of the equity was provided by sp multifamily fund which has secured capital commitments from company officers and high - net worth individuals .
security properties could double down on the spring district . it has an option to buy an 84 , 000 - square - foot parcel east of sparc , and security properties estimates it could build up to 250 units on that site . the developer will set up a pre - application meeting with the city of bellevue in a few weeks to begin planning that project .
the company quickly grew into one of the largest syndicators of affordable housing , but federal tax law changes in 1986 eliminated accelerated depreciation and dramatically changed the syndication business , leaving security properties in search of a new operation business platform with an enormous portfolio of properties to work with .
the acquired properties are enhanced with a balanced mix of investment strategies—including opportunistic , core - plus , and value - add strategies that renovate and reposition the investments . “this fund allowed private investors an opportunity to allocate capital—directly and alongside major institutional partners—to a sizeable portfolio of cash flow - generating apartment properties , ” says ed mcgovern , managing director of capital markets at security properties .
the two institutions solicited proposals from developers this year . security properties , which has acquired or developed 440 complexes across the country during its 40 - year history , was selected in august .
security properties chief investment officer david dufenhorstsaid the company will undertake “a light rehab” of on the green . the new owners plan to spend $ 6 , 200 per unit on the upgrade .
muir declined to specify the project’s budget , but said security properties generally purchases buildings , makes upgrades and then holds . the company bought the honeyman block in 2006 for $ 11 million .
the 31 percent increase in the value of edgewood park apartments surprised even seattle - based security properties , and shows that prices are increasing in suburban areas , not just the urban cores .
this marks the second joint venture between security properties and enterprise this year , as the partnership acquired the 220 - unit reserve at northglenn apartments located in northglenn , colo . in february .
apartments will be built on only about half of security properties ' site . the rest will be open space , and construction is underway on a two - acre park in the district .
security properties purchased the site in 2011 from hal real estate investments , which had bought it in 2007 . after lengthy reviews with community input , the landmarks board had rejected design proposals from hal showing a 306 - unit apartment complex wrapped around an interior court . the board was more receptive to security properties ' proposal , which made the building very approachable from three sides .
security properties foresees a 24 - month construction timeline and the project will be built to leed and built smart program standards . mithun is the architect and walsh construction is the general contractor .
. security properties maintains a focused multi - family strategy supported by integrated teams of professional acquisition , development , construction , investment , and property management specialists . for more information , visit urltoken
tyler anderson , sean cunningham , asher gunter and matt pesch with cbre’s phoenix office represented the seller , chicago - based waterton . the buyer was seattle , wa - based security properties .
seattle - based security properties and its partner beijing jade investment group of china have bought a 5 - acre portland property and has plans to redevelop it . the price was not disclosed .
this is security properties ' latest investment in portland , which is the ninth - fastest growing metro area in the country , according to forbes . seattle ranked seventh on forbes ' list .
affordable housing news with its focus on forming strong relationships built on mutual trust and shared goals , security properties has become a leader in affordable housing acquisition and rehabilitation throughout the united states .
in june , security properties teamed with admiral capital group on the acquisition of the 240 - unit hamptons at woodland pointe in nashville , tenn . , for $ 45 . 3 million .
“by leveraging our industry and capital relationships , the fund offered investors participation in a broader pool of larger properties which can be managed and marketed more efficiently , ” he adds . mcgovern says that security properties used the commitments in the fund to assemble a portfolio of existing apartment properties that generates attractive cash yields , benefits from favorable tax treatment and offers a hedge against future inflation .
the total acquisition cost of the fund’s 17 apartment properties was approximately $ 390 million . the fund included a diversified portfolio of moderately leveraged apartment properties offering attractive risk - adjusted returns to investors .
the purchase price was $ 25 . 7 million . security properties partnered with an undisclosed partner to purchase the property from forest creek holdings , llc , a group of local owners and developers .
pcc natural markets has agreed to lease most of the retail space in a proposed apartment complex in seattle’s historic columbia city , and construction could start around midyear , developer security properties said thursday .
multifamily real estate investor , developer and operator security properties today announced that after more than 20 years with the company , john orehek will retire as president and ceo at the end of september .
seattle - based security properties said it spent $ 1 . 5 million in the past two years to repaint and reroof buildings , redesign the community pool , improve landscaping and upgrade unit interiors .
the registry : puget sound real estate security properties today celebrated the opening of sparc apartments in bellevue’s spring district . sparc will be the first project to open in bellevue’s emerging spring district neighborhood .
nellie day - rebusiness online bothell , wash . — security properties has purchased the 124 - unit bordeaux apartments in bothell for $ 26 million . the community is located at 16520 north road .
security properties is a nearly half - century - old national real estate company that has acquired or developed more than 83 , 000 residential units at a cost exceeding $ 5 . 7 billion .
a partnership between security properties and a university endowment acquired marq on martin , a 248 - unit , class a multifamily property in lacey , wash . , for $ 54 . 5 million .
initially , the developer planned only residential and ground - floor retail for the block ; before heartline , security properties had never developed commercial space . but in meetings with the pearl district neighborhood association before embarking on the project , security officials were surprised to hear a plea for office space .