Renovated Panorama House Goes for $120M

Panorama House is an 18-story community with 179 units consisting of studio, one-, two- and three-bedroom floorplans with average unit sizes of more than 1,100 square feet. The asset recently sold to an unidentified buyer for $120 million.

Located at 1100 University St. in Seattle, the community has four penthouse homes on the upper level, each with at least one private courtyard. Alluded to in 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. In 2016, the property underwent an $18 million renovation. Updates included new lighting, cabinetry, appliances and fixtures installed within the units. 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. As a result, Panorama House is home to a 1,300-square-foot 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.

Jon Hallgrimson, Eli Hanacek, Mark Washington and Kyle Yamamoto with CBRE capital markets in Seattle represented the seller, Security Properties.