One of Issaquah’s longtime apartment communities has changed hands for $55.1 million, nearly twice what it fetched little more than a decade ago. Security Properties’ purchase of the 134-unit Langara puts a fresh institutional stamp on a rental market that appears to be thawing after a cooler stretch for apartment investors.
The transaction was reported Wednesday by the Puget Sound Business Journal, which identified Langara as the property involved. The community includes one- and two-bedroom apartments along with larger three-bedroom townhomes, according to the property’s leasing website.
Langara’s Price Has Nearly Doubled Since 2013
The math is blunt: Langara sold for about $28.2 million in 2013, when California-based Matteson Companies bought the 134-unit complex from Polygon Northwest Properties, the Issaquah Reporter reported at the time. The new sale represents an increase of roughly $26.9 million, or about 95%, although the price alone does not show how much may have been invested in renovations, operations or financing over the intervening years.
Langara is in North Issaquah, an Eastside submarket where apartments are competing for residents who face high home prices and limited ownership options. Current leasing materials show the community offering features such as in-unit laundry, private patios or balconies, a dog park and forested views.
Apartment Investors Are Returning To The Eastside
The timing lines up with signs of stabilization across the broader apartment market. CBRE described Puget Sound’s first quarter as consistent and resilient, with average Seattle-area multifamily rents reaching $2,213 per month, up 0.2% from the previous quarter.
Vacancy has also begun to move in a more favorable direction for owners in some parts of the region. Institutional Property Advisors said vacancy had compressed since 2024 across major Seattle submarkets, a shift that can make stabilized apartment properties more attractive to buyers even while renters remain sensitive to monthly costs.
Security Properties Already Has Eastside Momentum
Langara is not Security Properties’ first recent bet on the Eastside. In 2024, the Seattle-based firm bought the 159-unit SKY Sammamish community and described the Issaquah-Sammamish area as a supply-constrained market with strong access to regional employers, according to a company announcement.
For Langara residents, the ownership change does not by itself signal an immediate rent increase, rebrand or renovation schedule. No such changes were disclosed in the available transaction reports, leaving the next visible clues likely to come through leasing notices, management communications or work at the property itself.
