Security Properties

Security Properties

Seattle, WA

Founded in 1969

Security Properties was founded by Paul Pfleger in 1969 to assist clients in managing their growing tax burdens through HUD-sponsored affordable housing investment programs.


Since its formation in 1969, Security Properties and its partners have invested over $2.0 billion of equity in multifamily real estate, representing a portfolio value of nearly $5.5 billion. Today, the Security Properties portfolio reflects interests in 122 assets encompassing nearly 25,304 multifamily housing units – including properties under construction – making it one of the largest owners of residential real estate in the country. Security Properties believes in proactive communications with partners, lenders and employees, and invests heavily in the training of its people to ensure the longevity of our business relationships.


Our experience includes acquiring or developing nearly 80,000 residential units at a cost of $5.3 billion across 530 assets. We have sold over 63,300 residential units exceeding $3.4 billion in cost across 432 assets.


We purchase core-plus, value-add, and opportunistic multifamily assets that produce attractive investment returns. We seek deals that are either off-market or thinly marketed, and that have significant upside potential through physical enhancements or improved management.