Since its formation in 1969, Security Properties and its partners have invested over $2.0 billion of equity in multifamily real estate, representing a portfolio value of nearly $6.03 billion. Today, the Security Properties portfolio reflects interests in 111 assets encompassing nearly 22,817 multifamily housing units – including properties under construction – making it one of the largest owners of residential real estate in the country. Security Properties believes in proactive communications with partners, lenders and employees, and invests heavily in the training of its people to ensure the longevity of our business relationships.

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    Multifamily Housing Units

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    Property Assets

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    Portfolio Value

Core Business Lines

Our experience includes acquiring or developing nearly 100,000 residential units at a cost of $10 billion across 600 assets. We have sold over 63,300 residential units exceeding $3.4 billion in cost across 432 assets.



    We purchase core-plus, value-add, and opportunistic multifamily assets that produce attractive investment returns. We seek deals that are either off-market or thinly marketed, and that have significant upside potential through physical enhancements or improved management.


    Affordable Housing

    We utilize a variety of funding sources and execution strategies to meet the needs of underserved populations. Our success has been driven by a collaborative approach that leverages the expertise of our own team, as well as that of our public, private, and non-profit partners.



    We strive to create a sense of unity and ownership among residents, retail partners, and the greater community. We approach development with a long-term perspective, promoting sustainable construction practices and the creation of a unique sense of place and identity for our residents.


Our History

Security Properties was founded by Paul Pfleger in 1969 to assist clients in managing their growing tax burdens through HUD-sponsored affordable housing investment programs. By the middle of the 1980s, the firm had a portfolio of more than 375 multifamily properties and a network of thousands of private investors. At the end of 1986, Congress amended the tax code, effectively ending the firm's syndication activities. Mr. Pfleger recruited new management to pursue new investment ventures, including utility metering services, telecommunications, and cable television. As these investments were liquidated, the firm refocused on growing its multifamily portfolio.

By 2000, Mr. Pfleger entered semi‐retirement and a new management team was recruited to commence acquisition and development operations and assume responsibility for the existing portfolio of affordable assets. The end of 2010 marked the formation of Security Properties Residential, an affiliated property management company, to resume Security Properties’ property management function and complement its asset management practices.