New purchase supports company strategy amid Seattle's return to office surge
Security Properties in partnership with RGA ReCap Incorporated (ReCap Real Estate Investments) on behalf of Reinsurance Group of America, Incorporated (RGA) purchased Henry Apartments on April 9, a 100-unit multifamily property built in 2017 located in Seattle, Washington, for $34,750,000. This strategic move aligns with the city's evolving work landscape, as remote work declines and demand for conveniently located housing rises.
Amazon's recent policy requiring employees to work from the office five days a week has significantly impacted downtown Seattle. In January 2025, the city recorded the second-highest weekday worker foot traffic since March 2020, with 2 million unique visitors downtown. This shift underscores the growing need for residential options close to employment hubs.
Henry is in Seattle's desirable Queen Anne neighborhood, a premier residential area renowned for its historic architecture, tree-lined streets, and breathtaking views. Residents of Queen Anne not only benefit from the neighborhood's proximity to major employers, but they also enjoy easy access to everyday conveniences, shopping, dining, cultural attractions, and outdoor opportunities.
New multifamily residential construction in the area is expected to decline by nearly 70% over the next two years, as development barriers remain high. Coupled with the surge in return-to-office mandates, Henry is uniquely positioned to benefit from limited future competition and sustained demand for rentals. With this acquisition, Security Properties reinforces its leadership in Seattle's multifamily residential market, meeting the moment as urban living near major employers becomes more essential than ever.
“Henry exemplifies our strategy of investing in high-quality assets located in premier, supply-constrained neighborhoods with exceptional connectivity to employment and lifestyle amenities,” said Daniel Diaz, Director at Security Properties. “The Queen Anne neighborhood continues to benefit from renewed return-to-office momentum, particularly with major employers drawing talent back to the urban core. This shift is already translating into stronger leasing activity across our urban portfolio, and Henry is well-positioned to capture that demand given its proximity to South Lake Union and Downtown Seattle.”
Security Properties intends to implement a targeted renovation program building upon the property's existing high-end finishes while enhancing the amenity offerings to further elevate the resident experience. With the addition of Henry, Security Properties now owns 29 assets totaling more than 6,500 units in the Greater Seattle area and approximately 25,000 units nationwide. The property will be managed by Security Properties-affiliate Security Properties Residential.
About Security Properties
Security Properties is a national real estate investment, development, and operating company headquartered in Seattle, Washington. For more than 50 years, Security Properties has provided quality housing to its residents as well as excellent financial performance for its investors. Since its founding, Security Properties has acquired or developed over 111,000 residential units at a cost of over $12.2 billion across more than 670 assets. Security Properties maintains a focused multi-family strategy supported by integrated teams of professional acquisition, development, construction, investment, and property management specialists. For more information, visit SecurityProperties.com
About Security Properties Residential
Security Properties Residential is the affiliated property management firm of Security Properties, created to increase the value of its real estate holdings by more closely managing its assets. Operating throughout the Western United States and select markets, Security Properties Residential is committed to delivering exceptional service to its apartment communities and residents. Services include property, construction, and compliance management services that create positive living environments for residents and build value for clients.
About Reinsurance Group of America
Reinsurance Group of America, Incorporatedis a global industry leader specializing in life and health reinsurance and financial solutions that help clients effectively manage risk and optimize capital. Founded in 1973, RGA is today one of the world's largest and most respected reinsurers and remains guided by a powerful purpose: to make financial protection accessible to all. As a global capabilities and solutions leader, RGA empowers partners through bold innovation, relentless execution, and dedicated client focus – all directed toward creating sustainable long-term value. As of Dec. 31, 2024, RGA reported approximately $3.9 trillion of life reinsurance in force and assets totaling $118.7 billion. To learn more about RGA and its businesses, please visit rgare.comor follow RGA on LinkedInand Facebook.Investors can learn more at investor.rgare.com.
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SOURCE Security Properties
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