SEATTLE, WA – Security Properties, the leading real estate investment firm in the Pacific Northwest, has completed one of the largest multifamily acquisitions in the Seattle area so far this year, purchasing a five-property, 903-unit Seattle portfolio from Washington Holdings for $400.8 million.
The sale includes Liza Eastlake, The Hemlock, The Hayes on Stone Way, Carter on the Park, and Heron Flats & Lofts. These high-quality assets are in some of Seattle’s most desirable and well-connected neighborhoods, which benefit from immediate proximity to major regional employers. Eastdil Secured represented the seller in the transaction.
“This acquisition underscores our long-term commitment to Seattle and the Pacific Northwest,” said Dan Byrnes, Chief Executive Officer of Security Properties. “These communities are in neighborhoods where our team members live, where we have deep local knowledge, and where we see exceptional long-term value. This is our second acquisition from Washington Holdings this year, and they have an outstanding reputation for delivering and preserving high quality assets. We’re excited to continue the stewardship and provide unmatched living experiences to Seattle residents.”
The transaction comes at a time when Seattle’s multifamily fundamentals remain strong despite national headwinds as units under construction in the metro area continue to drop. With new supply constrained and targeted submarkets experiencing a tangible boost from return-to-office trends, Security Properties sees a clear opportunity to secure high-quality assets positioned for long-term performance.
Mark Bates, newly appointed Chief Investment Officer of Security Properties, noted the strategic and operational significance of the deal. “This acquisition not only strengthens our Seattle portfolio but also demonstrates our ability to do complex transactions that require creative capital structures and trusted capital relationships,” Bates said. “It’s a clear example of our team’s ability to deliver for our partners and something we have been working towards for the past year.”
Bates stepped into his new role as CIO earlier this summer with a focus on streamlining Security Properties’ product offerings to investors.
“Our goal for this year is to make a structure that breaks down barriers between our product types — market rate, affordable, and development — so we can better match the right capital with the right investment opportunities,” said Bates. “My focus is on making our investment platform more interconnected, efficient, and responsive to our partners.”
The acquisition builds on a busy first half of the year for the company. In the spring, Security Properties sold the last asset bought from the Security Properties Multifamily Fund II, an investment vehicle which launched in late 2013 and held 13 assets. The fund delivered strong returns, generating an IRR of 27.2% and an equity multiple of approximately 3.3x. The performance is an example of the diversified, value-add investment strategy that defines the Security Properties platform. The team has a demonstrated track record of their ability to underwrite with precision, considering factors such as incoming supply, historical and in-place operating performance, and asset-specific locational and demand drivers that support long-term value creation.
The company plans to extend this formula and market expertise as they continue to expand nationally with a focus on key markets such as Denver, Nashville, the Bay Area and others. The company is doubling down in markets where they have a competitive edge through deep relationships, local intelligence, and the ability to source off-market opportunities. “Our approach is precise and data-driven,” Bates said. “Whether in Seattle or in other target metros, we are committed to finding the right investments for our partners, assets that can outperform through thoughtful acquisition, strong operations, and a long-term view.”
Byrnes said this evolution is critical to keeping Security Properties at the forefront of multifamily investing. “Our investors include some of the largest institutions in the world, and we embrace the challenge of delivering best-in-class opportunities and results,” he said. “Scale matters in this business, and this transaction is a milestone in our ability to deliver that level of service and performance.”

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PHOENIX, AZ – National multifamily developer Wood Partners has expanded its presence in Phoenix with the opening of Alta 87 in Gilbert, Arizona, a suburb southeast of the city. This marks the company’s third community in the region and the Town’s first with a structured parking garage. Alta 87 is now leasing, offering two months of free rent along with other exclusive specials.
“The opening of Alta 87 marks an vital milestone for Wood Partners as we continue to expand our footprint in the quick-growing Phoenix market,” said Todd Taylor, Managing Director at Wood Partners. “With strong demand for high-quality housing in the Southeast Valley, this community delivers a best-in-class living experience while contributing to the area’s ongoing growth and vitality. We’re proud to deliver a thoughtfully designed development that complements Gilbert’s dynamic mix of residential, retail and entertainment offerings.”
Alta 87 is a 257-unit luxury multifamily development conveniently located on Arizona Avenue, just minutes from the 60 and 101 freeways, Downtown Gilbert and Downtown Chandler. Residents can choose from one-, two- and three-bedroom layouts and delight in simple access to dining, shopping and entertainment, including Costco, Chandler Mall and the PGA TOUR Superstore. Amenities include a large pool and spa and a two-tale clubhouse with media and digital experiences, a state-of-the-art fitness center, two pickleball courts, co-working spaces, a speakeasy, bike storage and EV charging stations.
Last year, Wood Partners delivered three multifamily communities in Phoenix, bringing more than 630 units to the area. Alta Avondale is a 360-unit project on 14 acres of land within The BLVD in Avondale, a vibrant mixed-use destination offering an array of eateries, entertainment, shopping and recreation. Alta Rise in Gilbert features 278 units across two four-tale and two three-tale buildings, while Alta Uptown in Chandler offers 415 units. Earlier this year, Wood Partners also delivered Alta Goodyear, a 342-unit community in Goodyear.

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ORLANDO, FL – Toll Brothers Campus Living, a division of Toll Brothers, Inc. (NYSE: TOL), the nation s leading builder of luxury homes, and joint venture partner The Davis Companies announced the opening of Aperture, an elevated student apartment community in Orlando, Florida. Strategically located near the University of Central Florida campus, Aperture offers 204 apartment homes totaling 680 beds. The community welcomed its first residents in August 2025.
Aperture s apartment homes are available in a mix of studio, one-, two-, and four-bedroom floor plans. Each residence is fully furnished and thoughtfully designed to meet the needs of modern students. The kitchen and living area features include quartz countertops, energy efficient stainless-steel appliances, full-size washers and dryers, soft vegan leather couches and sectionals, and 58 smart TVs. Each bedroom includes a full XL mattress, an oversized closet, and a bathroom with LED backlit mirror. The apartment homes are equipped with smart home technology, including electronic app-enabled apartment and bedroom locks and USB charging ports. Select residences also include balconies.
We re thrilled to open Aperture, our second Toll Brothers Campus Living community in Florida, said Richard Keyser, Vice President of Acquisitions and Development for Toll Brothers Campus Living. With thoughtfully designed residences and immersive amenity spaces, we re proud to offer a community that helps students thrive academically, socially, and personally.
Aperture s amenity offerings were designed to enhance both the college lifestyle and productivity. The community features a resort-style pool with a tanning shelf and a mini Jumbotron for outdoor viewing. The two-tale fitness center includes cardio and strength equipment, an Echelon Reflect fitness mirror, and an outdoor turf area. Residents will find tech-equipped study lounges on every floor to accommodate various work styles, including private and group workspaces, in addition to a computer lounge with printing. Residents can gather with friends in the coffee house, the e-sports gaming lounge, the courtyard with firepits and grills, and the game lounge that features billiards, shuffleboard, and ping pong. Additional amenities include a gated dog park, secure garage parking, a private shuttle to and from campus, and community-wide Wi-Fi.
Aperture reflects our dedication to developing exceptional student communities, said John McCullough, President of Toll Brothers Apartment Living, the multifamily division of Toll Brothers which oversees its Campus Living division. We designed Aperture to support today s students, whose success is rooted in well-being, connection, and convenience, and we re pleased to offer this unparalleled living experience to students at UCF.
Located 12727 East Colonial Drive in Orlando, Aperture is a less than 10-minute drive from the University of Central Florida, offering flexibility between on-campus and off-campus life. The community is within a 30-minute drive from downtown Orlando and Orlando International Airport, making it a convenient hub for students balancing academics, recreation, and travel.
Aperture adds to Toll Brothers Campus Living s growing portfolio, which includes The 87 at the University of Notre Dame, Kinetic at the Georgia Institute of Technology, and Lapis at Florida International University. In addition, the company previously developed The Yards at Ancient State at The Pennsylvania State University, which sold in 2024; Canvas at Arizona State University, which sold in 2023; and Terrapin Row at the University of Maryland, which sold in 2017.

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