Security Properties Acquires Langara Multifamily Community in Issaquah, Washington
Security Properties has acquired Langara, a 134-unit multifamily property located in Issaquah, Washington. The $55.1 million purchase price equates to approximately $411,000 per unit and marks the firm's twelfth market-rate acquisition for Fund VII, which closed with $124 million in commitments earlier this year. The community includes 100 apartment homes and 34 townhomes situated near major employment centers, top-rated schools, and outdoor recreation. Security Properties plans a value-add renovation program that will include interior upgrades such as vinyl plank flooring, stainless steel appliances, quartz countertops, tile backsplashes, under-cabinet lighting, refreshed cabinetry, fireplaces, modern hardware, and bathroom finishes. The firm also intends to convert the largest townhome floor plan from three bedrooms to four. This change is expected to increase rental value by better catering to larger households—a demographic underserved in the Eastside multifamily market.
Topics: multifamily housing real estate acquisition value-add renovation