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Security Properties
Security Properties is a national multifamily real estate investment, development, and operating company based in Seattle, WA. Founded in 1969 by Paul Pfleger, the company is one of the largest apartment owners in the country and its portfolio includes both affordable and market-rate multifamily housing in more than 30 states. [1] Since inception, Security Properties has acquired or developed more than 60,000 housing units across the U.S.
From 1969-1986, Security Properties was engaged in the business of syndicating investor capital for passive investments in affordable multifamily housing, and managing the real estate assets. During that period, the multifamily housing was developed and built using private capital syndicated by Security Properties, in conjunction with multifamily loan subsidy programs provided by Sections 221(d)(3) and 236 of the National Housing Act.
In 1986, the Tax Reform Act substantially overhauled the U.S. tax code and limited passive activity losses and credits. [2] In the wake of the 1986 Tax Reform Act, Security Properties converted its business from private capital syndicator and real estate manager to full time real estate manager and operator. [3]
From 1986 to 1993, Security Properties operated its real estate assets and served as property management agent through its affiliate property management company, Security Management Inc., which was sold to Insignia Financial Group in 1993. In 2011, Security Properties re-established its affiliated property management firm, called Madrona Ridge Residential. [4]
Security Properties focuses its investment and development activity on West Coast markets including Seattle, Portland, San Francisco, Southern California, and Denver. Principal activities include the acquisition, development, and rehabilitation of multifamily housing. [5]
Security Properties collaborates with various institutional and individual investors in its acquisition and development efforts. Additionally, the company utilizes federal, state and local programs for the preservation and creation of affordable housing.
References
edit- ^ Lang Jones, Jeanne."Low Key: Real Estate Investment Firm Security Properties Flies Under the Radar" Puget Sound Business Journal, March 20, 2005.
- ^ Westin, Richard A. "Tax Reform Act of 1986", "eNotes.com", accessed April 26, 2011.
- ^ Lang Jones, Jeanne."Low Key: Real Estate Investment Firm Security Properties Flies Under the Radar" Puget Sound Business Journal, March 20, 2005.
- ^ Landa, Allison. "Security Properties Establishes Property Management Arm" "Commercial Property Executive", January 11, 2011.
- ^ Shaver, Les. "Multifaceted Growth" "Multifamily Executive Magazine", February 14, 2011.
External links
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