Security Properties Accelerates Focus on National Investment Growth by Exiting Property Management Business

Security Properties Selects Bozzuto as Primary Property Management Provider

Seattle, WA [March 17, 2026] Security Properties, the leading real estate investment firm in the Pacific Northwest, today announced a strategic decision to transition their property management business to third-party providers. They have selected Bozzuto as their primary property manager in the Pacific Northwest. The move marks a significant step in Security Properties’ evolution as it sharpens its focus on their core business offerings – market-rate acquisitions, affordable housing, and investment management.

The agreement represents a major expansion for Bozzuto while also enhancing its Seattle presence as the company’s fourth-largest market.

“This is a strong strategic alignment built on shared values, execution, and long-term vision,” said Toby Bozzuto, President and CEO of Bozzuto. “We’ve been excited about the Pacific Northwest for some time, and Security Properties brings the discipline and commitment needed to deliver results for residents and investors.”

For Security Properties, the shift reflects a deliberate strategy to simplify its operating platform while doubling down on its core strengths as a real estate investor. As part of the transition, approximately half of Security Properties’ current portfolio will move to Bozzuto’s platform over the coming months. Remaining assets will be evaluated through a competitive RFP process to ensure best-in-class operating partnerships across the portfolio.

“For over half a century, Security Properties has been focused on creating value through disciplined investment,” said Dan Byrnes, Chief Executive Officer of Security Properties. “As the industry evolves, we believe the best way to scale our impact is to partner with best-in-class operators while concentrating our internal resources on market-rate acquisitions, affordable housing and investment management. This transition positions us to extend our investment platform nationally while maintaining the high operating standards our partners and residents expect.”

“Security Properties has demonstrated strong stewardship and a clear long-term vision for its communities,” said Stephanie Williams, President of Bozzuto Management Company. “We are proud to align with partners who share our values and commitment to excellence. We are honored to welcome new employees and communities, while further expanding our resident-focused approach and operational expertise in the Pacific Northwest.”

Security Properties is widely recognized for their long-standing expertise in multifamily investment, and has built a strong reputation for performance, stewardship, and partnership across multiple market cycles. In 2025 alone, Security Properties made eight market rate acquisitions totaling nearly $700 million, enabled by their elite roster of institutional equity partners, which include Fortune 100 insurance companies, private equity funds and ultra-high net worth family offices. By transitioning to a third-party property management model, the firm aims to accelerate their growth, enhance capital deployment, and expand its investment footprint across key U.S. markets.

Bozzuto will assume property management responsibilities for transitioning assets in phases to ensure continuity of service, operational stability, and a seamless experience for residents and ownership partners. Bozzuto is nationally recognized for resident satisfaction, consistently listed as a Top Place to Work, and ranked among the nation’s top property management firms. Driven by a commitment to exceptional customer service, the company delivers elevated living experiences and fosters vibrant, thriving communities across the country.

About Security Properties
Security Properties is a national real estate investment company headquartered in Seattle, Washington. For over a half a century, 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 more than 111,000 residential units at a cost of over $12.9 billion across more than 670 assets. For more information, visit SecurityProperties.com

About Bozzuto
Bozzuto is an experience-focused real estate company distinguished by its innovative developments, dedicated customer service, and top-rated workplace culture. With award-winning expertise in homebuilding, multifamily development, construction, and management, Bozzuto is devoted to delivering extraordinary experiences for those they serve.

Since its founding in 1988, Bozzuto has developed, acquired, and built more than 62,000 homes and apartments. Celebrating 38 years of creating sanctuary, Bozzuto currently manages 140,000 apartments and 4 million square feet of retail space across the U.S. For more information, visit Bozzuto.com.