Security Properties buys Issaquah apartment, townhome community for $55.1 million
Security Properties said it acquired Langara, a 134-unit community in Issaquah, Washington, and plans interior renovations and a change to one townhome floor plan.
Security Properties said it acquired Langara, a 134-unit apartment and townhome community in Issaquah, Washington, and plans interior renovations and a change to one townhome floor plan.
Security Properties said it bought Langara for $55.1 million, or about $411,000 per unit, according to a company release. The Seattle-based real estate investment firm said the community has 100 apartment homes and 34 townhomes.
The company said it plans broad upgrades at the property and will expand one of the larger floor plans. Security Properties said the renovation program will cover all apartment homes and use the same package for the townhomes.
Planned improvements include vinyl plank flooring, stainless steel appliances, quartz countertops, tile backsplashes, under-cabinet lighting, refreshed cabinetry and fireplaces, along with modern lighting, hardware and bathroom finishes. The firm also said it will convert the largest townhome floor plan from three bedrooms to four.
The acquisition was made in partnership with RGA ReCap Incorporated, also called ReCap Real Estate Investments, on behalf of Reinsurance Group of America, Incorporated. Security Properties said Langara is the 12th market-rate acquisition for Security Properties Fund VII, which held its final close in April 2026 with $124 million in commitments.
Security Properties said it has more than $6 billion in assets under management and has acquired or developed more than 111,000 residential units at a cost of more than $12.9 billion across more than 670 assets. The company said the purchase deepens its presence on Seattle’s Eastside, where it has operated for decades.
Mark Bates, the company’s chief investment officer, said the Eastside has strong employment fundamentals and very little new supply. He said converting the largest townhomes to four bedrooms addresses a gap for larger families.
Security Properties also cited RGA background in the release, saying the insurer reported about $4.3 trillion of life reinsurance in force and assets of $156.6 billion as of Dec. 31, 2025.
Security Properties said the next step is renovation work at Langara and the unit mix changes described in its announcement.
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