Security Properties Divests of Panorama House Apartments in Downtown Seattle for $120M
SEATTLE — Security Properties has sold Panorama House, a multifamily community in Seattle, to an undisclosed buyer for $120 million.
Located at 1100 University St., the 18-story Panorama House features 179 apartments in a mix of studio, one-, two- and three-bedroom floor plans, as well as four penthouse homes on the upper level each featuring at least one private courtyard. The property also includes a 1,300-square-foot fitness center, regulation-sized bocce ball and shuffleboard courts, a demonstration kitchen, resident lounges, an outdoor pool and three levels of underground parking.
At the time of sale, the property was 99 percent leased. The property offers panoramic views of downtown Seattle, the Olympic Mountains, Mount Rainier, Lake Union and Elliot Bay.
Originally built in 1962, Panorama House underwent an $18 million renovation in 2016. Updates included new lighting, cabinetry, appliances and fixtures installed within the apartments. Additionally, floorplans were renovated to open kitchens to the living area and new fiber-optic high-speed data and cable wiring was installed.
Jon Hallgrimson, Eli Hanacek, Mark Washington and Kyle Yamamoto of CBRE Capital Markets in Seattle represented the seller in the deal.