Security Properties has acquired Langara, a 134-unit apartment and townhome community in Issaquah, Wash., for $55.1 million, or about $411,000 per unit, betting on continued demand from larger families on Seattle’s Eastside.
The Seattle-based real estate investment firm bought the property in partnership with RGA ReCap Incorporated on behalf of Reinsurance Group of America, according to a release distributed via PR Newswire Monday. Langara comprises 100 apartments and 34 townhomes.
“Langara is a compelling opportunity to bring a well-located asset up to the standard today’s Issaquah renter expects,” said Mark Bates, Security Properties’ chief investment officer.
Renovation plans target larger units
Security Properties said it plans to renovate units with vinyl plank flooring, stainless steel appliances, quartz countertops, tile backsplashes, under-cabinet lighting and refreshed cabinetry. The company also plans to convert the largest townhome floor plans from three to four bedrooms, targeting what it described as a gap in Eastside housing supply for larger families. The company cited strong local employment fundamentals and limited new supply in Issaquah as rationale for the deal.
The acquisition was made through Security Properties Fund VII, which closed in April 2026 with $124 million in total commitments. Langara marks the fund’s 12th market-rate acquisition.
A 50-year Seattle investor
Security Properties, founded more than 50 years ago and based in Seattle, manages more than $6 billion in assets. The firm said it has acquired or developed more than 111,000 residential units across over 670 properties totaling $12.9 billion since its founding, making it one of the more active multifamily investors in its home market. The firm has been a repeat buyer in the Issaquah submarket specifically, having previously acquired other apartment communities in the same Eastside city as part of its broader Puget Sound-area strategy.
Issaquah, about 17 miles east of downtown Seattle, has grown as a residential submarket alongside the broader Eastside, an area that also includes Bellevue, Redmond and Sammamish and has drawn steady apartment investment tied to the region’s technology-sector employment base.
What it means
The deal adds to a wave of multifamily investment activity in the greater Seattle area that RealtyWire has tracked this summer, including Weidner’s $112 million sale of a 387-unit Lynnwood community. It also comes as Seattle has moved to streamline its housing approval process by removing certain environmental appeals from zoning votes, part of a broader regional push to add housing supply even as investors like Security Properties bet on renovating and repositioning existing stock rather than building new units. The employment and supply rationale behind the deal is Security Properties’ own characterization in the release; RealtyWire has not independently verified Issaquah’s current apartment vacancy or new-supply pipeline figures. What to watch: how quickly Security Properties executes the planned unit renovations and bedroom conversions, and whether rents on the repositioned units justify the roughly $411,000-per-unit purchase price.
