Multifamily Stays Hot With Security's West Coast Buys

Law360, New York (December 8, 2011, 2:02 PM EST) -- Security Properties Inc. has bought four West Coast apartment properties totaling 380 units, the Seattle-based apartment investor announced Thursday — the latest sign of what experts say is a strengthening market for multifamily housing.

The properties — a mixed-use development in Tacoma, Wash., and three apartment buildings in Beaverton, Ore. — were acquired by Security's newest multifamily fund, which has a $75 million goal. The company said it planned to invest in seven to 10 more properties to create a multimarket portfolio with as many as...
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