About Us
The People Behind Every Decision
Employee-owned and investor-aligned, our team brings hands-on experience to every property we own and every relationship we build.
Since its formation in 1969, Security Properties and its partners have invested nearly $5 billion of equity in multifamily real estate, representing almost $24 billion in transaction volume. Today, the Security Properties portfolio reflects interests in more than 100 assets representing an AUM worth more than $6 billion, making it one of the largest owners of multifamily real estate in the country. That scale rests on proactive communication with partners, lenders, and team members, and on steady investment in the people who sustain those relationships.
In House Expertise
Every function at Security Properties — from acquisitions through asset management — is executed by a dedicated in-house team operating under the same governance standards and long-term investment perspective.
Acquisitions
We pursue multifamily opportunities that meet a disciplined set of criteria, applying consistent financial standards, rigorous downside analysis, and deep market research to every deal we evaluate. Often those criteria begin with the investor: what an individual, family office, or institution is looking for shapes the opportunities we pursue on their behalf.
Asset Management
Our asset management approach is active and bespoke. We develop a tailored business strategy for each asset we oversee, customizing our efforts to deliver what that specific property needs at each stage of the hold. We monitor continuously, make deliberate capital decisions, and manage every asset against its own long-term plan, not a standardized playbook.
Construction and Renovations
We manage construction and renovation programs in-house, maintaining direct oversight of cost, timeline, and quality. This control protects capital and ensures that value-add plans are executed as underwritten.
Data and Analytics
We use proprietary data and market analysis to inform every stage of the investment process from initial underwriting through ongoing asset oversight. Decisions are grounded in evidence, not intuition.
Our History
Founded in Seattle
Security Properties was established in Seattle by Paul Pfleger to help individual investors access HUD-sponsored affordable housing programs. From the outset, the firm operated at the intersection of private capital and public housing policy — a discipline that shaped how we think about governance, structure, and long-term responsibility.
A Platform at Scale
By the mid-1980s, Security Properties had assembled a portfolio of more than 375 multifamily properties and built relationships with thousands of private investors across the country. The firm had established itself as one of the more active multifamily investment platforms in the Pacific Northwest — and was beginning to operate at national scale.
Navigating a Structural Shift
Congress amended the tax code at the end of 1986, fundamentally changing the economics of real estate syndication and ending the investment model the firm had been built around. Security Properties did not wait for conditions to improve. The firm moved deliberately — exploring new business lines, maintaining its existing portfolio commitments, and preserving the relationships it had built with investors.
Refocusing on Core Conviction
After testing new investment strategies outside real estate, the firm made a clear decision: return to what it knew best. Security Properties refocused its energy on growing a disciplined multifamily portfolio, rebuilding around its core conviction that housing — when properly underwritten, carefully managed, and held for the long term — is one of the most durable asset classes available to investors.
A New Leadership Era
As founder Paul Pfleger entered semi-retirement, a new management team assumed responsibility for the firm, commencing acquisition and development operations alongside the existing affordable housing portfolio. The transition was designed to preserve the firm’s institutional knowledge while building the operational capabilities needed to compete at a higher level. It marked the beginning of the modern Security Properties.
Launching the Institutional Platform
Security Properties launched its institutional fund platform in 2010, a structured investment model that aligned the firm with institutional equity partners including insurance companies, pension funds, and endowments. The platform was built to deploy capital with institutional discipline across a diversified portfolio of market-rate multifamily assets. It has since grown to become the foundation of how Security Properties operates today.
