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Security Plans Up to 10 Apartment Purchases

SEATTLE-The company recently bought four apartments on the West Coast, and will buy three to six more by 2015.

By Robert Carr | Updated on December 12, 2011

SEATTLE-Security Properties Inc. has turned four recently-purchased apartments over to a fund, and intends to buy up to six more properties for the fund in the next three years. The company plans a total portfolio of 1,500-2,000 units for the Security Properties Multifamily Fund, Ed McGovern, managing director of capital markets for the company, tells GlobeSt.com.

Most of the purchases are going to be made in joint ventures, McGovern says. Three of the recent properties, the Beaverton portfolio, were bought in a venture with the Praedium Group for $34.3 million. Security Properties bought the fourth site, the 78-unit former Chelsea Heights condo in Tacoma, WA.

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