SEATTLE, WA – A joint venture between Security Properties and STARS REI bought 624 Yale, a trophy type-one midrise style multifamily property located in Seattle’s South Lake Union neighborhood for $104,000,000. This will be the second asset for this partnership, following the acquisition of Augusta Apartments in the University of Washington’s University District back in 2019. Security Properties now owns 113 assets totaling approximately 22,500 units across its portfolio. This includes 30 properties and more than 6,400 units in the Seattle/Tacoma/Bellevue MSA.
624 Yale was completed in 2018 and consists of 206 residential units spread across two connected buildings. The property also features 1,942 SF of ground level retail space. Floorplans consist of studios, one and two-bedroom units averaging 711 square feet. Unit interiors consist of white or light brown cabinets, stainless steel appliances, quartz countertops, hardwood flooring, double and triple-paned windows, spacious closets, and private balconies in select units. From an amenity perspective, the property offers a leasing center, fitness center with yoga studio, two rooftop spaces with sweeping views of downtown Seattle and Lake Union, controlled building access, secure parking garage, bike storage, dog washing station and a mail room with parcel lockers. The business plot is a long-term hold with strategic value-add upgrades to both unit interiors and amenity spaces.
South Lake Union has solidified its reputation as one of the nation’s marquee technology and innovation hubs. Industry leading companies such as Amazon, Apple, Meta, and Google’s appetite for expansion in the area has magnified in recent years, fueling robust economic growth in the area. South Lake Union also sits within the Circle of Employment, which hosts numerous high-wage technology and life-sciences companies surrounding Lake Union such as Adobe, Tableau, the University of Washington, PEMCO, and many more. In addition to being home base to Seattle’s thriving tech scene, the neighborhood includes lakefront access, 170 acres of parks, public art, multiple transportation options, museums, residential and office high-rises, and a wide array of bars and restaurants.
According to Alex Gauper, Director at Security Properties, “the acquisition of 624 Yale represented a unique opportunity to buy a fully stabilized trophy mid-rise asset at a basis significantly below current replacement cost. As renters continue to return to the core, we feel 624 Yale’s dynamic location at the center point of Seattle’s most robust and diversified employment center well positions the asset to fully capture the recovery and future growth of the South Lake Union submarket. We are very excited to have a partner in STARS REI that shares in our long-term conviction and to add 624 Yale to our Seattle core portfolio.”
“We are delighted to keep increasing our residential portfolio in Seattle with Security Properties as our partner. We remain bullish in the long-term on this city due to its powerful and unique ecosystem” said Felipe Laso, Sr. Associate at STARS REI, a privately held real estate investment management company headquartered in Santiago, Chile. “We both share the conviction that opportunities appear in uncertain times, so instead of putting our pencils down, we are trying to be as active as possible in finding high-quality buildings such as 624 Yale.”

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SCOTTSDALE, AZ – Mark-Taylor Residential, a leading developer, owner and investment manager of multifamily communities in the Southwest, welcomed Derby into its management portfolio. Located at 800 N. 2nd St. in the Roosevelt Row district of Downtown Phoenix, Derby features uniquely designed high-rise, micro-unit homes that measure from 328 square feet to 834 square feet.
Offering a forward-thinking approach within multifamily housing, Derby is Mark-Taylor’s first high-rise micro-unit community. “The Derby’s micro apartments offer a uniquely minimalist lifestyle, designed for the on-the-go resident to delight in living in the heart of Downtown Phoenix,” says John Carlson, President of Mark-Taylor. “This exciting addition to our management portfolio is reflective of Mark-Taylor’s commitment to evolving our services today, to meet the resident needs of tomorrow.”
The 21 floors of micro-units at Derby feature awe-inspiring amenities and make a chic, quick-paced lifestyle in the arts district a reality. Future-forward features like integrated smart home technology, classic touches like Murphy beds, and built-in storage help cut down on clutter—a home at Derby is all about convenience.
Boasting an impressive Walk Score of 86, Roosevelt Row ranks notably for its pedestrian friendliness. This highly desirable locale connects Derby residents with top rated art galleries, world-class restaurants, nightlife hot spots, retail destinations, Downtown’s office towers, and more. From effortless daily commutes to epic nights out, Derby’s unmatched downtown location delivers an incredible lifestyle.

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RALEIGH, NC – Officials at The Preiss Company (TPCO), one of the nation s largest, privately-held, student housing owner-operators, announced the acquisition of the 928-bed Valentine Commons for an undisclosed amount. The off-campus student apartment complex will undergo a $10 million renovation to further upgrade certain public and private spaces.
Ben Roelke and Ian Walker with Newmark, a global commercial real estate services provider, arranged $77,300,000 in acquisition financing through a life company lender. The five-year loan featured full-term, interest-only payments along with a low floating interest rate, flexible prepayment and a future funding facility to finance the capital upgrades program at the property.
Valentine Commons is an ideal addition to the Preiss portfolio,” said John Preiss, president of TPCO. “This iconic asset is centrally located to a plethora of schools and attractions. The NC State market has been one of the top performing markets in our portfolio, and we believe the upside potential in Valentine Commons is huge. Boasting the largest CapEx plot in the company s history, we plot to build out new amenities, including a pool and rooftop terrace, as well as interior upgrades.
Located steps away from NC State Campus at 3009 ME Valentine Dr., the student apartment complex serves multiple N.C. institutions of higher learning, including North Carolina State University, Meredith University, Campbell School of Law, Peace University, Shaw University, St. Augustine’s University and Wake Tech. The 277-unit, 11-tale building is adjacent to the Dan Allen parking garage, right around the corner from Hillsborough Street’s best local restaurants and just minutes from Downtown Raleigh and District Village. Community amenities include a pool, rooftop terrace, private study rooms on every floor, business center, aerobics room, fitness center and game room with a pool table, foosball, darts, shuffleboard and a 65″ TV. Valentine Commons also provides elevators, multiple trash chutes on every floor, a private parking garage, on-site management and monthly resident events.
Valentine Commons has traditionally been more of a ‘transitional housing option for freshman moving out of the dorms and venturing into apartment life, said Adam Byrley, chief operating officer of TPCO. Our business plot is to turn the perception of this asset on its head with top-tier interior unit finishes, groundbreaking new amenity spaces and an exciting atmosphere that includes common spaces encouraging socialization and community. Both current and prospective residents will all be taking a second look at Valentine Commons as a community worthy of staying at throughout their time in college.”
Valentine Commons offers two-, three- and four-bedroom apartments featuring private bedrooms, private bathrooms, washer and dryer and oversized windows. Apartments are fully furnished to include wood flooring throughout the common areas, plush bedroom carpeting and full kitchens equipped with all major appliances. High-speed internet, cable, electricity, water, trash and sewer services are all included in the monthly rental installment.
TPCO will invest approximately $10 million to upgrade certain public spaces and units. The pool and rooftop terrace will be fully upgraded, and apartments will receive new interior cabinets, countertops, appliances and flooring.

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