Security Properties Acquires 134-Unit Langara Community in Issaquah for $55.1 Million
Security Properties, a Seattle-based real estate investment firm with more than $6 billion in assets under management, has acquired Langara, a 134-unit apartment and townhome community in Issaquah, Washington. The company announced the purchase price as $55.1 million, or approximately $411,000 per unit.
The acquisition was completed in partnership with RGA ReCap Incorporated on behalf of Reinsurance Group of America, Incorporated.
According to the release, Langara represents the 12th market-rate acquisition for Security Properties Fund VII, the firm’s latest investment vehicle. The fund held its final close in April 2026 with $124 million in commitments.
The property consists of 100 apartment homes and 34 townhomes. The company cited the location’s proximity to major employment hubs, highly rated schools, access to outdoor recreation, and limited new supply as factors in the acquisition decision.
Security Properties plans to complete full interior renovations across all apartment units. The planned improvements include vinyl plank flooring, stainless steel appliances, quartz countertops, tile backsplashes, under-cabinet lighting, refreshed cabinetry and fireplaces, and modern lighting, hardware, and bathroom finishes.
The townhome portfolio will receive the same renovation package. Additionally, the company plans to convert the community’s largest townhome floor plan from 3 bedrooms to 4 bedrooms. According to the release, this conversion is intended to expand rental value and broaden the property’s appeal to larger households.
Mark Bates, Chief Investment Officer at Security Properties, stated, “Langara is a compelling opportunity to bring a well-located asset up to the standard today’s Issaquah renter expects. The Eastside has strong employment fundamentals and very little new supply, and almost none of what does get built serves larger families. Converting our biggest townhomes to 4 bedrooms addresses that gap directly while creating durable value for our investors.”
The acquisition expands Security Properties’ presence on Seattle’s Eastside, where the company has operated for decades.