Security Properties Buys 186-Unit Cooper Apartments in Seattle 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, or approximately $203,000 per unit, the firm announced. CBRE served as the broker on the transaction.

The purchase price is 28% below the property's 2019 sale price of $52.75 million and less than half of the estimated cost to build a comparable community today, according to Security Properties. Cooper is the 13th market-rate acquisition for Security Properties Multifamily Fund 7. The firm completed the purchase alongside private equity raised from its investor network.

Cooper Apartments Property Details

Cooper Apartments is located at 13530 Linden Ave. N., roughly 15 minutes north of downtown Seattle. The five-story community was built in 1993.

The property received more than $6.8 million in capital improvements between 2020 and 2024, including a full roof replacement, fresh exterior paint and a comprehensive renovation and modernization of the community's amenity spaces. Of the 186 units, 179 have been fully or partially renovated.

Amenities include a beer hall-inspired courtyard with fire pits and grills, a clubhouse with a chef's kitchen, a fitness center with a dedicated yoga room, co-working space, an expanded dog park and controlled-access garage parking. In-place rent at the property averages $1,866 per month.

Pricing Compared With Seattle-Area Sales

At roughly $203,000 per unit, Cooper traded below each of the 11 comparable apartment sales in Seattle, Shoreline, Lynnwood and Edmonds since June 2025, according to Security Properties' analysis. Those sales ranged from about $270,000 to $426,000 per unit.

Market data for the Seattle area shows average multifamily pricing of approximately $239,000 per unit. Seattle vacancy was reported at 6.6% in the third quarter of 2026, with average asking rent of $2,041 per unit per month and an average multifamily cap rate of 5.4%, according to Kidder Mathews. Another market report placed vacancy at 6.7%, average rent at $2,250 and the average cap rate at 5.7%.

Cushman & Wakefield reported regional vacancy of 7.2% in the second quarter of 2026, down 40 basis points year over year. Year-to-date absorption exceeded 5,000 units, while effective rents were essentially flat at $2.58 per square foot.

Supply Outlook and Rent-Versus-Own Gap

Apartment deliveries across North Seattle, Lynnwood and Shoreline peaked at 2,626 units in 2024, according to CBRE data. Deliveries are forecast to fall to roughly 500 units a year in 2026 and 2027 and to zero in 2028 and 2029.

Citywide, 3,813 Seattle units had been delivered year to date, down 53% from 8,139 units a year earlier, while second-quarter absorption reached 4,034 units.

Cooper's average in-place rent of $1,866 per month is about one-third of the estimated $5,572 monthly cost of owning a median-priced North Seattle home, based on Redfin data cited by Security Properties. Seattle's rent-regulation framework limits annual multifamily rent increases to 10%.

Security Properties Executives on the Acquisition

"Finding an asset like Cooper takes deep local knowledge and the ability to move when the moment is right," said Mark Bates, Chief Investment Officer at Security Properties. "The previous owner already did the hard work: the roof, the exterior, the amenity spaces and most of the unit interiors. We were able to buy it at a basis that would be very difficult to replicate in this market. That is exactly the kind of opportunity our investors count on us to find."

Bates added: "New supply in this part of the region is about to drop sharply, and owning a home in North Seattle costs close to three times what our residents pay in rent. Both of those trends point toward durable demand for well-located rental housing, and we bought in at a price that positions us to benefit from both over the long term."

The firm said its ability to close with certainty played a central role in securing the asset. "When our acquisitions team identifies an opportunity like Cooper, our investors understand the value quickly, because opportunities like this one don't come along often," said Casey Hursh, Head of Capital Formation at Security Properties. "The capital raise came together in a matter of weeks, a testament to our team's ability to find opportunities for our investor base that directly match their ideal return profiles."

Security Properties' Seattle-Area Activity

Cooper follows Security Properties' five-property, $400.8 million Seattle portfolio acquisition in 2025 and its acquisition of Langara in Issaquah, Washington, earlier this year. The 2025 portfolio totaled 903 units and was acquired from Washington Holdings. It consisted of Liza Eastlake, The Hemlock, The Hayes on Stone Way, Carter on the Park and Heron Flats & Lofts. Langara is a 134-unit multifamily community that traded for $55.1 million.

Because the seller completed the capital-intensive renovation work, Security Properties acquired Cooper without taking on the full execution risk of a traditional value-add renovation program. Vacancy that remains elevated, rents constrained by affordability and regulation, and capital-market conditions that keep multifamily valuations below prior-cycle peaks remain factors for Seattle multifamily owners.

Sources

• Security Properties: Security Properties Acquires 186-Unit Cooper Apartments in North Seattle at 28% Below Its 2019 Sale Price