Security Properties closes $200m co-GP multifamily real estate fund

Security Properties, a national real estate investment, development and operating company headquartered in Seattle, has closed its sixth co-GP multifamily real estate fund.

Security Properties Multifamily Fund VI is a $200 million moderately leveraged, geographically diversified private equity real estate fund that invested primarily in institutional joint ventures as the general partner. Security Properties initially targeted a $150 million raise for Fund VI, which was expandable to a maximum of $200 million. Although the fundraise was initially projected to take more than two years, Fund VI raised the maximum of $200 million in six months.

In total, Fund VI combined its $200 million of committed equity into joint ventures with 13 different institutional partners. The structure of these investments allows Fund VI members an opportunity to participate in shared potential promoted interests in various joint ventures with institutional partners. These institutional partn