Security Properties Buys Cooper Apartments for $37.75 Million
Security Properties has acquired Cooper Apartments, a 186-unit multifamily community in Seattle’s Bitter Lake neighborhood, for $37.75 million. The transaction was completed through Security Properties Multifamily Fund 7 with private equity raised from the firm’s investor network.
The purchase represents the fund’s 13th market-rate acquisition. At approximately $203,000 per unit, the price was 28% below the property’s 2019 sale price of $52.75 million. Security Properties also estimated that the acquisition cost was less than half the amount required to build a comparable apartment community today.
Property Features and Recent Improvements
Located at 13530 Linden Ave. N., Cooper Apartments is a five-story community built in 1993. The property is approximately 15 minutes north of downtown Seattle.
More than $6.8 million in capital improvements were completed between 2020 and 2024. Upgrades included a full roof replacement, new exterior paint and extensive renovations to the community’s shared amenity spaces. Of the property’s 186 residences, 179 have been fully or partially renovated.
Community amenities include a beer-hall-inspired courtyard with fire pits and grills, a clubhouse featuring a chef’s kitchen, a fitness center with a dedicated yoga room, coworking space, an expanded dog park and controlled-access garage parking.
Acquisition Price Below Comparable Sales
Security Properties said Cooper’s per-unit purchase price was lower than each of 11 comparable apartment sales recorded in Seattle, Shoreline, Lynnwood and Edmonds since June 2025. Those transactions ranged from approximately $270,000 to $426,000 per unit.
The firm attributed the favorable acquisition basis to its local market knowledge and ability to act quickly when the opportunity became available. CBRE served as broker for the transaction.
Declining Apartment Deliveries in North Seattle
Apartment deliveries across North Seattle, Lynnwood and Shoreline peaked at 2,626 units in 2024. New supply is projected to decline to roughly 500 units annually in 2026 and 2027, with no deliveries forecast for 2028 or 2029.
The slowdown in construction could support demand for existing communities such as Cooper, particularly as the cost of homeownership remains significantly higher than renting. Average in-place rent at Cooper is $1,866 per month, compared with an estimated monthly ownership cost of $5,572 for a median-priced home in North Seattle.
Security Properties Expands Seattle-Area Portfolio
The equity raise for the Cooper acquisition was completed within several weeks, reflecting investor interest in the property and its anticipated return profile.
The deal follows Security Properties’ $400.8 million acquisition of a five-property Seattle portfolio in 2025. The company also purchased Langara in Issaquah, Washington, earlier in 2026.
Security Properties has not disclosed whether it plans to undertake additional renovations at Cooper beyond the improvements completed between 2020 and 2024.
