Security Properties Buys Seattle's Cooper Apartments
The 186-unit Bitter Lake community was acquired for $37.75 million, about 28 percent below its 2019 sale price.
Updated on Nov. 2, 2026 in Apartments
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Security Properties acquired Cooper Apartments, a 186-unit community in Seattle's Bitter Lake neighborhood, for $37.75 million. The deal is the 13th market-rate acquisition for Security Properties Multifamily Fund 7.
Why it matters
The price, roughly $203,000 per unit, sits well below the property's 2019 sale price of $52.75 million and less than half the estimated cost to build a comparable community today. The purchase shows how existing rental housing in Seattle is changing hands at steep discounts.
The community, built in 1993 and five stories tall, has received more than $6.8 million in capital improvements between 2020 and 2024. Of its 186 units, 179 have been fully or partially renovated.
The players
Security Properties
Security Properties is a multifamily real estate investment firm that manages investor-backed funds, including Multifamily Fund 7.
The details
Security Properties completed the purchase alongside private equity raised from its investor network. Cooper Apartments sits at 13530 Linden Ave. N., roughly 15 minutes north of downtown Seattle.
Timeline
1993: Cooper Apartments was originally built.
2019: The property sold for $52.75 million.
2020-2024: More than $6.8 million in capital improvements were made.
November 2, 2026: The acquisition was reported.
Market Landscape
Cooper is the 13th market-rate acquisition for Security Properties Multifamily Fund 7, extending a run of purchases of existing rental communities. The deal's per-unit price is well below replacement cost, reflecting a pattern of older apartment assets being bought at steep discounts from their prior valuations.
For renters at Cooper Apartments, the change in ownership may affect building management and any future renovation or rent decisions. Renters in other older Seattle communities should watch for similar sales as investors continue buying existing properties.
The takeaway
Investors are paying far less per unit for existing apartments than it would cost to build new ones, which can signal a shift in local housing supply dynamics. Renters and buyers should follow how owners use recent renovations and capital upgrades to set future rents.
Further reading
For more on rental communities in the area, see Seattle Apartments coverage.
Source note: This article includes information reported by Institutional Real Estate, Inc..
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