Investor buys 3 Vancouver apartment complexes

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Seattle-based Security Properties has secured three Vancouver apartment projects with a $64.45 million bid, or about $110,360 per unit for the 584-unit portfolio, the Portland Business Journal has reported.

It's the second major Portland-area move for Security, which purchased the Pearl District home of the Pacific Northwest College of Art in an $11.75 million deal that closed last month. Securities' latest deal includes three properties: Village at Van Mall, a 128-unit complex at 5000 N.E. 72nd Ave.; Carriage House, a 160-unit complex at 4714 N.E. 72nd Ave.; and Camden Place, a 296-unit complex at 4701 N.E. 72nd Ave.

Security intends to upgrade the properties and will manage them through its Madrona Ridge Residential operating arm.