SEATTLE, WA - Security Properties, a Seattle-based real estate investment firm with more than $6 billion in assets under management, announced the acquisition of Langara, a 134-unit apartment and townhome community in Issaquah, Washington, for $55.1 million, or approximately $411,000 per unit. The acquisition was made in partnership with RGA ReCap Incorporated (ReCap Real Estate Investments) on behalf of Reinsurance Group of America, Incorporated (RGA).
Langara marks the 12th market-rate acquisition for Security Properties Fund VII, the firm's latest investment vehicle, which held its final close in April 2026 with $124 million in commitments. The community comprises 100 apartment homes and 34 townhomes in one of the Eastside's strongest submarkets. Proximity to major employment hubs, highly rated schools, access to outdoor recreation, and limited new supply made Langara a natural fit for the Fund's portfolio.
As part of the business plan, Security Properties will complete full interior renovations across all apartment units, delivering a meaningfully upgraded living experience. 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. In addition, Security Properties will convert the community's largest townhome floor plan from three bedrooms to four, expanding rental value and broadening Langara's appeal to larger households, a demographic underserved by most Eastside multifamily supply.
"Langara is a compelling opportunity to bring a well-located asset up to the standard today's Issaquah renter expects," said Mark Bates, Chief Investment Officer at Security Properties. "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 four bedrooms addresses that gap directly while creating durable value for our investors."
The acquisition further deepens Security Properties' presence on Seattle's Eastside, where the firm has operated for decades and continues to serve as a market leader.