Security Properties Forms Management Firm

Security Properties Forms Management Firm
SEATTLE, WA - Security Properties Inc., one of the largest multifamily real estate owners in the country, today announced the formation of Madrona Ridge Residential, its new affiliated property management firm. As an affiliate of Security Properties, Madrona Ridge Residential will provide property management services for apartment communities in markets across the U.S.

"Our role as multifamily owners, investors and third-party fiduciary trustees for over four decades gives us extraordinary insight and market knowledge into the rental housing sector. Re-establishing our in-house property management capabilities enhances our ability to improve every aspect of our multifamily investment management and property performance," said John M. Orehek, President/CEO of Security Properties and CEO of Madrona Ridge Residential. "We're pleased to welcome Gail Duke as Managing Director. Gail's wealth of industry expertise and valuable talents will help create exceptional living environments for residents and outstanding value for our investors."

Madrona Ridge Residential specializes in property management services that improve resident satisfaction and maximize value for owners by creating positive resident experiences in apartment living. The company will initially provide management for multifamily assets currently controlled by Security Properties and may eventually offer third-party property management services.

Madrona Ridge Residential also offers services that enhance its overall multifamily management capabilities. They include compliance management to ensure apartment communities meet financial, operational and regulatory compliance, as well as construction management for projects of all sizes.

Madrona Ridge Residential's executive leadership team includes seasoned executives with longstanding expertise in multifamily real estate, finance and property management, including: John Orehek, CEO, Gail Duke, Managing Director, Philissa Sargin, Controller and Bob Krokower, Chief Financial Officer.

Gail Duke brings over 25 years of experience to her new role as Managing Director of Madrona Ridge Residential. Most recently, Duke served as Senior Vice President at the Sares-Regis Group, and Vice President at Belkorp Holdings, Inc., where she established Seattle-based offices responsible for overseeing the Pacific Northwest and Northern California territories. Previously she held executive management roles at Riverstone Residential Group and Trammell Crow Residential overseeing operations in the West. Duke studied engineering at West Virginia University and holds a Real Estate Broker's license for the State of Washington.

"Security Properties was a trusted client of mine for years. I'm thrilled to be on the executive team of a longstanding leader in multifamily real estate and look forward to putting my industry knowledge of best practices to work. Our goal is to make Madrona Ridge Residential a premier national property management firm," said Gail Duke, Managing Director. "Delivering excellent property management services will allow us to improve resident satisfaction and further enhance the value of our assets. After ensuring the smooth transition of Security Properties' assets to management by Madrona Ridge Residential, we may consider providing third-party management services."

Madrona Ridge Residential is a national property management firm committed to delivering exceptional service to apartment communities and their residents. The company provides property, construction and compliance management services that create positive living environments for residents and build value for clients. Based in Seattle, Washington, Madrona Ridge Residential is an affiliate of Security Properties Inc., a national real estate investment and operating firm with a 41-year performance record in multifamily housing.

Security Properties is a national real estate investment and operating company headquartered in Seattle, Washington with a 41-year history in both affordable and conventional multifamily rental housing. The company's broad range of capabilities includes acquisitions, development, financing, asset and property management, dispositions and advisory services. As one of the largest owners of multifamily real estate in the country and in the Puget Sound region, Security Properties has acquired or developed nearly 64,000 conventional and affordable housing units spanning over 440 properties in more than 40 states.
Source: Security Properties

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