Security Properties Acquires Langara Apartments for $55.1 Million

The purchase price averages approximately $411,000 per unit for the property, which consists of 100 apartments and 34 townhomes. Security Properties plans to launch an extensive renovation program across all units, installing quartz countertops, stainless steel appliances, and updated cabinetry. Beyond interior finishes, the firm intends to reconfigure the largest townhome floor plans from three bedrooms to four, aiming to capture demand from larger households in an area where such inventory remains scarce.

Mark Bates, Chief Investment Officer at Security Properties, noted that the project targets a specific gap in the Issaquah market. With strong employment fundamentals and limited new construction, the firm views the asset as a vehicle to deliver higher-tier housing while providing stable returns for investors. This acquisition reinforces the firm’s long-standing footprint on Seattle's Eastside, where it manages a substantial portfolio of residential assets.