Security Properties
Security Properties, founded in 1969 by Paul Pfleger, is a multi-family residential investment, development, and operating organization based in Seattle, WA.
History
From 1969-1986, Security Properties was engaged in syndicating investor capital for passive investments in affordable multifamily housing and managing the real estate assets. The syndication made use of the subsidy programs of the National Housing Act of 1934, which lent multifamily developers construction funds from the federal government at an interest rate of 3%, and allowed developers to borrow through non-government channels and receive an interest reduction subsidy that brought the effective interest rate down to 1.00%.
This development also took advantage of the allowed accelerated depreciation and interest deductions from passive real estate investments. When the Tax Reform Act of 1986 limited passive activity losses and credits, the firm converted its organization from private capital syndicator and real estate manager to full-time real estate manager and operator.
From 1986 to 1993, the firm operated its real estate assets and served as property management agent through its affiliate management, Security Management Inc. Security Management Inc. was sold to Insignia Financial Group in 1993, after which Security Properties entered into long term contracts for property and asset management with Insignia Financial Group. In 2011, the firm separated the connection, and reestablished its affiliated property management firm, Madrona Ridge Residential.[1]
Areas of Interest
Security Properties now focuses its activity mostly in West Coast markets, including, Portland, Ore., Seattle, Scottsdale, Ariz., San Francisco, Southern California, and Denver.[2]
As of September 22, 2011, Security Properties has acquired or developed 64,120 market-rate and affordable housing units in 41 states across the U.S. as well as Puerto Rico and DC since its inception.[3]
Principal Activities
Principal activities include the acquisition, development, and rehabilitation of multifamily housing. Today, Security Properties collaborates with institutional and individual investors in its acquisition and development efforts. Security Properties also utilizes federal, state and local programs for the preservation and creation of affordable housing, primarily the federal low income housing tax credit.[4]
Recognition
- The Epicenter, a development in Seattle, Wash., was recognized by the National Association of Home Builders as "Best Mixed-Use Community" in the 2004 Pillar Awards among 29 other category award winners.[5]
- In 2011, Security Properties was listed as number 15 among the 50 largest affordable housing owners in the United States.[6]
- In 2011, Security Properties received the Urban Land Institute Jack Kemp Models of Excellence Award for the Seattle, Wash. development, On the Park. Other 2011 Jack Kemp award winners include Columbia Hicks, LLC, Jonathan Rose Companies, and the Planning Office of Urben Affairs.[7]
References
- ↑ Security Properties Establishes Property Management Firm. January 12, 2011. MHN Online. Available from http://www.multihousingnews.com/newsinbrief/security-properties-establishes-property-management-firm Retrieved September 19, 2011.
- ↑ Downtown San Diego law school now has student housing. February 21, 2011. SignOnSandiego Online. Available from http://www.signonsandiego.com/news/2011/feb/21/downtown-san-diego-law-school-has-official-student/ Retrieved September 19, 2011.
- ↑ The Effects of Demographics on the Apartment Industry. February 4, 2011. MHN Online. Available from http://www.multihousingnews.com/news/national/the-effects-of-demographics-on-the-apartment-industry Retrieved September 19, 2011.
- ↑ Questions for: John Orehek. April 25, 2010. Sound Biz Journal. Available from http://www.bizjournals.com/seattle/stories/2010/04/26/story9.html Retrieved September 19, 2011.
- ↑ 2004 Pillar Awards. NAHB. Available from http://www.nahb.org/fileUpload_details.aspx?contentTypeID=3&contentID=161142&subContentID=357778 Retrieved October 20, 2011.
- ↑ Top 50 Affordable Housing Owners. April/May, 2011. AHF Online. Available from http://www.housingfinance.com/ahf/articles/2011/april-may/0411-specialfocus-top-50-ahf-owners-2010.htm Retrieved October 12, 2011
- ↑ Jack Kemp Models of Excellence Awards. 2011. Urban Land Institute. Available from http://www.uli.org/ResearchAndPublications/TerwilligerCenterforWorkforceHousing/Resources/TerwilligerAward.aspx Retrieved October 20, 2011
- * Low key: Real estate investment firm Security Properties flies under the radar. March 20, 2005. Sound Biz Journal. Available from http://www.bizjournals.com/seattle/stories/2005/03/21/smallb1.html Retrieved September 19, 2011.