By Meghan Hall
Pacific Urban Residential has made a big investment into Seattle’s First Hill neighborhood, acquiring the Panorama Apartments at 1100 University Street for $120 million, or about $670,391 per unit. The seller in the deal, according to King County public records, was Security Properties.
The 18-story building was originally constructed in 1962 and includes 179 units, according to Apartments.com. Residences are a mix of one-, two- and three-bedrooms and range in size from 552 square feet to more than 2,400 square feet. Units feature private decks, contemporary cabinetry and kitchen island and in-home washer and dryers. The list of community amenities is also expansive, including multiple lounge areas, bocce and shuffleboard courts, retro game lounge, pool, fire pits, fitness center and more.
The community is located in a vibrant part of town, blocks from the Washington State Convention Center, Virginia Mason Medical Center, Harvard Market and Seattle University. Other retailers and restaurants, from Salt & Straw, Biang Biang Noodles and Unicorn are also located nearby.
Jon Hallgrimson, Eli Hanacek, Mark Washington and Kyle Yamamoto with CBRE Capital Markets in Seattle represented Security Properties in the deal. According to CBRE, the property was 99 percent leased prior to its sale.
“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,” said Hanacek, a vice chairman. “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.”
Security Properties initially acquired the asset in September of 2014, paying $73.98 million for the building. Prior to its disposition of the property, Security Properties had acquired other assets in the region. In October, the firm purchased the Midtown 64 Apartments in Kent for $141.1 million, and a 76-unit Newcastle asset for $26.7 million. Since its founding in 1969, the company has invested more than $2 billion of equity in multifamily assets and has a portfolio valued of about $5.4 million.
Pacific Urban is also no stranger to the Puget Sound, most recently acquiring a 247-unit Kent complex for $46.5 million. Its overall portfolio spans 13,000 apartment homes valued at $5 billion. Last month, the company announced its merger with affiliate Hanover Real Estate Investors. The merger, according to a statement from the firm, will give the company an “exclusive” multifamily focus in the future.