SEATTLE, WA - CBRE announced the $120 million sale of the Panorama House apartment community in Seattle. Jon Hallgrimson, Eli Hanacek, Mark Washington and Kyle Yamamoto with CBRE Capital Markets in Seattle represented the seller, Security Properties.
Located at 1100 University Street, Panorama House is an 18-story community with 179 units consisting of studio, one-, two- and three-bedroom floor plans. Unit sizes average over 1,100 sq. ft. The community has four penthouse homes on the upper level, each with at least one private courtyard. Alluded to by its name, the property has panoramic views of downtown Seattle, the Olympic Mountains, Mount Rainier, Lake Union and Elliot Bay. Every apartment has a balcony.
Panorama House was originally built in 1962, debuting the same year as Seattle’s World Fair. It was one of the first luxury living experiences developed in the city. In 2016, the property underwent an $18 million renovation. Updates included new lighting, cabinetry, appliances and fixtures installed within the apartments. Floorplans were renovated to open kitchens to the living area, and new fiber-optic high-speed data and cable wiring was installed.
The renovations also focused on adding or improving community areas. Today Panorama House is home to a 1,300-sq.-ft. fitness center, regulation-sized bocce and shuffleboard courts, a demonstration kitchen, numerous resident lounges, and the largest outdoor pool in the city. The property also has three levels of underground parking.
“Panorama House checks all the boxes. It has historic appeal while the extensive refresh completed in 2016 puts it on par with newly built luxury communities. The unit sizes average much larger than what is standard for the area, and it is located near many of Seattle’s top employers and lifestyle amenities,” said Mr. Hanacek, vice chairman, CBRE.
Panorama House is in Seattle’s First Hill neighborhood, near some of Seattle’s highest-paying employers including several large medical providers and tech companies. The property has near perfect walk and transit scores and is within steps of the Pike-Pine corridor and many of downtown’s retail and cultural venues.
The property was 99 percent leased leading up to its sale.