In a Nov. 2, 2026 announcement from Security Properties via PR Newswire, the Seattle-based firm said it acquired Cooper Apartments, a 186-unit community at 13530 Linden Ave. N. in Seattle's Bitter Lake neighborhood, for $37.75 million. Based on the figures in that release, the deal pencils out to about $203,000 per unit and 28.4% below the property's reported 2019 sale price of $52.75 million.
Photo credit: Security Properties via PR Newswire.
What the announcement says
Security Properties said the five-story property was built in 1993 and received more than $6.8 million in capital improvements between 2020 and 2024. The company said that work included a full roof replacement, fresh exterior paint, and renovated amenity spaces. It also said 179 of the 186 units were fully or partially renovated.
The release describes the property as having a courtyard with fire pits and grills, a clubhouse kitchen, fitness space, coworking space, an expanded dog park, and controlled-access garage parking.
What the price comparison does and does not show
The comparison to the 2019 sale price is useful, but it has limits. It does not show the seller's full investment return after financing costs, operating results, reserves, or the cost and payoff of later improvements. It also does not isolate why this property sold at this price.
That matters because one transaction is not the same thing as a full market trendline. This sale does not mean all Seattle homes or apartment properties fell by 28%, and it does not by itself explain how buyers and sellers would value a different building in another neighborhood.
Why this deal is still worth watching
Even with those limits, the transaction is notable because it involves a renovated North Seattle apartment property with 186 units, not a tiny outlier. For people following Seattle housing, deals like this can be useful as specific data points when they are read narrowly and with the source clearly in view.
One other claim in the announcement also deserves careful attribution: Security Properties said the purchase price was less than half the estimated cost to build a comparable community today. That is the buyer's statement in the release, not an independent valuation included in the materials we reviewed.
If you're comparing Seattle housing options, this kind of apartment sale is most helpful as a reminder to separate headline pricing from the fuller story behind a property's income, renovation history, and ownership timeline.
