Security Properties, a real estate investment, development and operating company headquartered in Seattle, Wash., has bought Brightleaf at Lakeline, a Class A multifamily property located in Austin, Texas.
Brightleaf was completed in 2022 and consists of 304 dwelling units across 3 midrise buildings and 5 carriage-style buildings on 12.3 acres. Security Properties now owns 112 assets totaling approximately 23,000 units across its portfolio, including another 204-unit property in Austin.
“The acquisition of Brightleaf at Lakeline helps cement our footprint in the Austin market as we continue our expansion there,” comments Davis Vaughn, managing director at Security Properties. “This is a high-quality asset at a significant discount to replacement cost in one of Austin’s most highly desired submarkets. Cedar Park’s population has been booming in recent years and will likely continue to grow as residents flock to the suburbs in search of space, affordability, and proximity to some of Austin’s largest employers.”