The rental range exceeded that projected on opening, although average rents are in line with the project pro forma.

The Seattle market has firmed up since the project opened, resulting in increases in rent on turnover apartments as well as renewals.

Chief executive John Orehek describes Seattle-based Security Properties as a stool balanced on several legs whose contribution to the bottom line shifts depending on the business cycle.

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According to Security Properties Vice-President John Marasco, “It was a prime site, but one we knew would be controversial.

We felt we could build something spectacular that would complement the neighborhood, but we needed to convince them.

Although the project delivery came right wen rents were sluggish, we still leased up at 20 units per month, well above our projected rates.

It is a strong statement about how well the development has been accepted by the community!

It was reportedly the largest Northern Manhattan real estate sale of 2009, topping the previous sale of 1428 Fifth Ave.

for .95 million, also arranged by Shkury and his team.

The developer, Security Properties, has received a determination of non-significance with conditions from the city. NEW YORK CITY-Affiliates of Security Properties sold a nine-building, 229-unit affordable housing portfolio with associated ground-level retail in East Harlem to an affiliate of Pacific Housing Advisors, Massey Knakal Realty Advisors said Friday.

The portfolio sold in mid-December in an all-cash transaction valued at .9 million.

”Three Puget Sound-area apartment complexes have been bought by Security Properties Inc. Seattle-based Security Properties (SP) bought Mallard Cove, a 198-unit complex in Everett; Gilman Meadows, a 125-unit complex in Issaquah; and Mountain View, a 241-unit complex in Fife, from Municipal Mortgage & Equity LLC (NYSE: MMA) of Baltimore.

SP said it plans to paint the buildings' exteriors, upgrade landscaping, and remodel clubhouses at the properties.

In addition, it is located on several bus lines and provides spectacular upper-floor views of Lake Union.