What Happens Before We Commit: Inside SP’s Due Diligence - Security Properties [Skip to content](#content) This is a Notification Important information goes here [ Call To Action ](https://www.yahoo.com/) #### [X](#) [ ![Security Properties logo: a blue square with white curved lines forming a stylized S, next to the words "SECURITY" in blue and "PROPERTIES" in black.](https://securityproperties.com/wp-content/uploads/2026/03/Site-Logo.svg) ](https://securityproperties.com) | [ ](#) | [ Start A Conversation ](https://securityproperties.com/sp-contact-us/) [ ](https://securityproperties.com/sp-contact-us/) [ ](#elementor-action%3Aaction%3Doff_canvas%3Aopen%26settings%3DeyJpZCI6Ijg1MTllNjgiLCJkaXNwbGF5TW9kZSI6Im9wZW4ifQ%3D%3D) [ ](#elementor-action%3Aaction%3Doff_canvas%3Aopen%26settings%3DeyJpZCI6Ijg1MTllNjgiLCJkaXNwbGF5TW9kZSI6Im9wZW4ifQ%3D%3D) Search [ ![Security Properties logo: a blue square with white curved lines forming a stylized S, next to the words "SECURITY" in blue and "PROPERTIES" in black.](https://securityproperties.com/wp-content/uploads/2026/03/Site-Logo.svg) ](https://securityproperties.com) [ ](#elementor-action%3Aaction%3Doff_canvas%3Aclose%26settings%3DeyJpZCI6Ijg1MTllNjgiLCJkaXNwbGF5TW9kZSI6ImNsb3NlIn0%3D) Search [ ](https://securityproperties.com/blog/) [ Back to Blog ](https://securityproperties.com/blog/) Term Here November 5, 2026 # What Happens Before We Commit: Inside SP’s Due Diligence ![Security Properties](https://securityproperties.com/wp-content/uploads/2026/10/SPR_Icon_SOCIAL-MEDIA-RGB-150x150.jpg) By Security Properties Before Security Properties commits investor capital, it replaces assumptions with evidence. Here’s how the firm’s due diligence works, from early site walks and specialist inspections of every major system to unit-by-unit verification once a deal is awarded. ![Security Properties' team members working in the office.](https://securityproperties.com/wp-content/uploads/2026/11/26-04_SecurityProperties-047.jpg) Anyone who has bought a home knows the moment. The offer is accepted, and then the inspector arrives with a flashlight and a clipboard. What they find shapes everything that follows. At Security Properties, we treat this stage as one of the most important parts of an acquisition. A multifamily property is a far larger and more complex purchase than a house, and the stakes for our investors are higher. So, before we commit their capital, we work to replace assumptions with evidence. Here’s what that looks like. ## Start with the big questions Our diligence begins before we’re awarded a deal. In a competitive sale, the seller and broker often interview the finalists and ask how each buyer arrived at its price. We want to answer with specifics: what we’ve seen on site, how we’ve estimated deferred maintenance, and what the building will need in the years ahead. This means walking the property early, with members of our acquisitions and renovations teams and often senior leadership. When a property is close to home, we drive. When it’s in Phoenix, Denver or Portland, we fly. Either way, we want firsthand knowledge of the building, the site and the neighborhood before we put a number on the table. At this stage, we focus on the items that can move returns the most. Does the roof need replacing? Are the elevators near the end of their life? Questions like these can carry costs in the hundreds of thousands or millions of dollars, so we answer them first. ## Bring in a specialist for every major system Our in-house team knows building systems well, but we also bring in an outside expert for each major one: electrical, plumbing, elevators, roofing, and the building envelope (the siding, windows and exterior that keep the weather out). Each specialist documents current conditions, estimates near-term capital needs and provides a real quote. Those figures go directly into our budget. Our contractor network also gives us a head start. Sometimes subcontractors we already work with have serviced a property before we ever bid on it. In those cases, we can learn early who maintained the major systems, how the work was done, and whether we can trust it. ## Lean on decades of hands-on experience Two people anchor much of this work. David Wartena, Senior Director of Construction Services, joined SP in 2001 and has led our renovations team since 2013. In that time, he has completed more than 25,000-unit renovations and over $500 million in capital projects. He began his career in new home construction, helping manage the building of more than 4,500 homes in the Puget Sound area. Don Hankinson, Senior Manager of CapEx Renovations, has spent his entire career in residential real estate, across homebuilding, for-sale and rental housing, and property management. Together, they bring the kind of judgment that’s hard to capture in a spreadsheet: knowing what a building is likely to need, and what it will really cost. ## Then sharpen the numbers Once we’re awarded a deal, diligence shifts from big-ticket items to precision. This can mean walking every unit, reviewing every lease file to confirm the rent roll matches reality, and bringing our contractors and subcontractors on site. Every finding is backed by written reports, photos and hard bids, which we keep on file. ## Let the findings shape the terms Sometimes diligence confirms what we expected. Sometimes it turns up something new. Just as a homebuyer might ask the seller to address an inspection finding, we factor in what we learn and proceed accordingly. It’s a normal part of the process, and it’s how we make sure the investment our partners commit to is the one we actually underwrote. ## Why it matters For investors, diligence is mostly invisible. They see the offering, then the results. But the work in between is where we manage much of the risk. Our approach is simple: verify before we commit. By the time we close, the numbers our investors see should reflect what we found, not what we hoped. That’s the discipline we bring to every acquisition, and it’s how we intend to keep earning the trust of people who think in decades, not quarters. ### Related Articles [ ![Courtyard at Cooper Apartments](https://securityproperties.com/wp-content/uploads/2026/11/Print-19-150x150.jpg) ### Security Properties Acquires 186-Unit Cooper Apartments in North Seattle at 28% Below Its 2019 Sale Price Nov 2, 2026 ![Security Properties](https://securityproperties.com/wp-content/uploads/2026/10/SPR_Icon_SOCIAL-MEDIA-RGB-150x150.jpg) By Security Properties ](https://securityproperties.com/blog/security-properties-acquires-186-unit-cooper-apartments-in-north-seattle-at-28-below-its-2019-sale-price/) [ ![Front entry to The Villas at Kennedy Creek](https://securityproperties.com/wp-content/uploads/2026/10/1-150x150.jpg) ### Security Properties Acquires Tumwater, WA Villas at Kennedy Creek Oct 30, 2026 ![Security Properties](https://securityproperties.com/wp-content/uploads/2026/10/SPR_Icon_SOCIAL-MEDIA-RGB-150x150.jpg) By Security Properties ](https://securityproperties.com/blog/security-properties-acquires-tumwater-wa-villas-at-kennedy-creek/) [ ![Pool at The Rev](https://securityproperties.com/wp-content/uploads/2026/10/2-150x150.jpg) ### Security Properties Acquires Tempe, AZ The Rev Apartments Oct 30, 2026 ![Security Properties](https://securityproperties.com/wp-content/uploads/2026/10/SPR_Icon_SOCIAL-MEDIA-RGB-150x150.jpg) By Security Properties ](https://securityproperties.com/blog/security-properties-acquires-tempe-az-the-rev-apartments/) #### PLACEHOLDER BLOCK FOR NEWSLETTER SIGN UP Manage Consent To provide the best experiences, we use technologies like cookies to store and/or access device information. 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