Seattle-based Security Properties secures Cooper Apartments at a significant discount, capitalizing on over $6.8 million in recent capital improvements to bolster its Pacific Northwest portfolio.
Security Properties acquired Cooper Apartments at a 28% discount to its 2019 sale price, indicating a value-accretive investment.
Security Properties has finalized the acquisition of the Cooper Apartments for $37.75 million. The transaction represents a 28% discount to the property's 2019 sale price and is valued at less than half of its estimated replacement cost.
The acquisition is considered value-accretive because Security Properties purchased the asset at a 28% discount to its 2019 sale price and at less than half of the estimated replacement cost.