Security Properties, a real estate investment partner in the Pacific Northwest, has acquired Cooper Apartments, a 186-unit community in Seattle’s Bitter Lake neighborhood, for $37.75 million, or approximately $203,000 per unit. The price is 28 percent below the property’s 2019 sale price of $52.75 million and less than half of the estimated cost to build a comparable community today. Cooper is the 13th market-rate acquisition for Security Properties Multifamily Fund 7. The firm completed the purchase alongside private equity raised from its investor network.
Located at 13530 Linden Ave. N., roughly 15 minutes north of downtown Seattle, the five-story community was built in 1993. It received more than $6.8 million in capital improvements between 2020 and 2024, including a full roof replacement, fresh exterior paint, and a comprehensive renovation and modernization of the community’s amenity spaces. Of the property’s 186 units, 179 have been fully or partially renovated
