Security Properties divests Panorama House Apartments in downtown Seattle for $ 120 million

ByShannon J. Cortes

Nov 24, 2021

The 18-story Panorama House in Seattle offers panoramic views of downtown Seattle, the Olympic Mountains, Mount Rainier, Lake Union, and Elliot Bay.

SEATTLE – Security Properties sold Panorama House, a multi-family community in Seattle, to an undisclosed buyer for $ 120 million.

Located at 1100 University St., the 18-story Panorama House offers 179 apartments in a mix of studios, one, two, and three bedrooms, as well as four penthouses on the top floor each with at least one courtyard. The property also includes a 1,300 square foot fitness center, regulation size pétanque and shuffleboard courts, a demonstration kitchen, resident lounges, an outdoor swimming pool and three levels of underground parking.

At the time of the sale, the property was 99% 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, wardrobes, appliances and light fixtures installed in the apartments. In addition, the floor plans have been renovated to open up the kitchens to the living room and new high speed fiber optic data and cable cabling has been installed.

Jon Hallgrimson, Eli Hanacek, Mark Washington and Kyle Yamamoto of CBRE Capital Markets in Seattle represented the seller in the transaction.