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Huge management firm eyes Security Properties. (Insignia Financial Group Inc.)
Real estate sources say the nation's largest apartment-building manager is negotiating to acquire Seattle-based Security Properties Investment Inc., which itself is among the country's biggest rent collectors.
Security may be merged into Greenville, S.C.-based Insignia Financial Group Inc., an aggressive and fast-growing firm that manages or owns more than 105,000 apartment units, several sources said.
Security manages more than 14,000 units in 40 states and Puerto Rico, and is a general partner in projects totaling 38,000 units, said chairman Paul Pfegler.
Pfegler would not confirm that a transaction with Insignia is pending. "We don't have any kind of a …
