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People & Companies

Jan 10, 2013

Security Properties

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Redwood Park is a 156-unit apartment complex in Santa Rosa, Calif.

Seattle-based Security Properties teamed with Real Estate Capital Partners of New York to purchase Redwood Park, a 156-unit apartment complex in Santa Rosa, Calif., for $24.5 million. This is the 13th purchase the company has made using its multifamily fund. Security Properties said it has made investments in properties worth $270 million since mid 2011 using the fund. Security Properties will upgrade the complex, which was built in 1986, and use its inhouse property management company, Madrona Ridge Residential. Security Properties said it has bought and developed 66,651 units at a cost of $3.35 billion. The company has sold 50,494 units valued at more than $2.75 billion.

NAIOP

The Washington chapter of NAIOP will hold its ninth annual South Sound Economic Forecast at 11 a.m. Jan. 31 in Tacoma at the Greater Tacoma Convention and Trade Center. Dr. Lynn Michaelis will give a 2013 forecast for commercial real estate and moderate a panel tackling the question “How optimistic should we be?” Speakers will discuss multifamily, industrial and investment property. Cost is $35 for members and $60 for nonmembers. For more information, visit http://bit.ly/WtAspD

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