Security Properties / PR Newswire (press photo; crop).
Security Properties said Monday, November 2, that it acquired the 186-unit Cooper Apartments in North Seattle for $37.75 million, paying 28% less than the property’s 2019 sale price. The purchase adds an existing, largely renovated apartment community to the Seattle-based investor’s portfolio.
The price works out to about $203,000 per apartment, compared with the $52.75 million paid for the property in 2019, according to the buyer’s announcement. Security Properties said the purchase price is less than half its estimate of the cost of building a comparable community today. That replacement-cost comparison is the buyer’s assessment.
Cooper is at 13530 Linden Avenue North in Seattle’s Bitter Lake neighborhood. The five-story community was built in 1993. Security Properties said it received more than $6.8 million in improvements between 2020 and 2024, including a roof replacement, exterior painting and renovated amenity spaces.
Of the 186 apartments, 179 have been fully or partly renovated, the company said. Shared facilities include a courtyard with fire pits and grills, a clubhouse, fitness and yoga rooms, coworking space, a dog park and controlled-access garage parking.
Security Properties said Cooper’s per-unit price was below each of 11 comparable apartment sales it analyzed in Seattle, Shoreline, Lynnwood and Edmonds since June 2025. Those transactions ranged from about $270,000 to $426,000 per unit, according to the buyer’s analysis, rather than an independent valuation of Cooper.
The acquisition is the 13th market-rate purchase for Security Properties Multifamily Fund 7. The firm said it completed the deal alongside private equity raised through its investor network. The announcement did not identify the seller or disclose financing terms.
JBizNews Desk | New York
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