Security Properties Establishes Property Management Arm

January 11, 2011
By Allison Landa, News Editor

John Orehek

Multi-family real estate owner Security Properties has launched Madrona Ridge Residential, a new property management affiliate. Madrona Ridge will provide property management services for apartment communities nationwide.

“As a national real estate investment and operating company with a 41-year history, Security Properties is one of the largest owners of multi-family rental properties in the country with extensive experience in property management,” Security and Madrona Ridge president & CEO John Orehek told CPE. “Forming Madrona Ridge enables us to more closely manage our multi-family assets so that we can better improve every aspect of our property performance. Delivering excellent property management services through Madrona Ridge allows us to improve resident satisfaction and further enhance the value of our real estate assets.”

Gail Duke has been hired as managing director of the new affiliate. Duke, who brings more than a quarter century of experience to the role, most recently served as senior vice president at the Sares-Regis Group and vice president at Belkorp Holdings Inc. She previously held executive management roles at Riverstone Residential Group and Trammell Crow Residential. Duke studied engineering at West Virginia University and holds a real estate broker’s license for the state of Washington.

According to Orehek, Madrona Ridge will provide property, construction and compliance management services. “Our property management services include best-in-class resident services from experienced on-site staff, high-quality maintenance services and the latest accounting and IT systems to help ensure resident convenience, maximize operational efficiencies and deliver impeccable financial reporting and auditing,” he said. “The company also offers compliance management to ensure apartment communities meet financial, operational and regulatory compliance, as well as construction management services.”

Philissa Sargin will serve as controller, while Bob Krokower will take the role of chief financial officer. Both Security Properties and Madrona Ridge are based in Seattle.