$55.1 Million Eastside Acquisition Expands Fund VII Portfolio with Targeted Value-Add Renovation Program
SEATTLE, Aug. 3, 2026 /PRNewswire/ — Security Properties, a Seattle-based real estate investment firm with more than $6 billion in assets under management, today 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.
About Security Properties
Security Properties is a national real estate investment company headquartered in Seattle, Washington. For over half a century, Security Properties has provided quality housing to its residents as well as excellent financial performance for its investors. Since its founding, Security Properties has acquired or developed more than 111,000 residential units at a cost of over $12.9 billion across more than 670 assets. For more information, visit SecurityProperties.com.
About Reinsurance Group of America
Reinsurance Group of America, Incorporated is a global industry leader specializing in life and health reinsurance and financial solutions that help clients effectively manage risk and optimize capital. Founded in 1973, RGA is today one of the world’s largest and most respected reinsurers and remains guided by a powerful purpose: to make financial protection accessible to all. As a global capabilities and solutions leader, RGA empowers partners through bold innovation, relentless execution, and dedicated client focus — all directed toward creating sustainable long-term value. As of Dec. 31, 2025, RGA reported approximately $4.3 trillion of life reinsurance in force and assets totaling $156.6 billion. To learn more about RGA and its businesses, please visit rgare.com or follow RGA on LinkedIn and Facebook. Investors can learn more at investor.rgare.com.
Media Contact:
Nisreene Atassi
206-822-5209
419982@email4pr.com
securityproperties.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/security-properties-acquires-langara-a-134-unit-multifamily-community-in-issaquah-washington-302840493.html
SOURCE Security Properties
