June 9, 2016

Major rehab includes a Tiki lounge for 1960s-era First Hill apartments

Photos courtesy of Security Properties [enlarge]

Security Properties bought Panorama House at 1100 University St. in 2014 for $74 million, and recently reopened it as Panorama Apartments.

Security Properties has opened Panorama Apartments after a year-long renovation of the 18-story, 179-unit complex on First Hill.

Security bought the 1962 building at 1100 University St. in September 2014. It paid $73.98 million for what was then called Panorama House.

In a statement, the Seattle-based firm said it had envisioned turning the large apartments into smaller units, but decided that having large units would differentiate the building in this market.

Security said 68 percent of the units are leased.

There are one-, two- and three-bedroom apartments as well as penthouses. Most units have 175-square-foot patios.

The website says 860-square-foot one bedrooms are available starting at $2,672, and 1,383-square-foot three-bedrooms that start at $4,670. Some units come with up to two months free rent.

Units have parquet flooring, open-concept kitchens, built-in wine chillers, and washers and dryers. They also have marble windowsills and thresholds — holdovers from the original units — as well as quartz countertops, undermount sinks, and new cabinets in kitchens and bathrooms.

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There are one-, two- and three-bedroom units as well as penthouses.

There are four three-bedroom, two-bathroom penthouses that range from 2,301 to 2,462 square feet. Security said these are some of the largest penthouses for rent in a Seattle high-rise.

Penthouses come with pantries and wood-burning fireplaces. Two have inner-facing courtyards. Rents are not listed.

Security said before the renovation, one of the penthouses was dubbed “the pink unit” for its pink tile, pink wallpaper and pink terrazzo floor.

Panorama Apartments amenities include a pool deck and entertainment area, bocce court, shuffleboard court, outdoor kitchen, seating, fire pit and a Tiki-themed lounge. There's also a fitness center, game lounge, bike storage and repair center, and a pet salon.

A clubhouse near the entrance has a kitchen, seating, conference room and patio.

There's parking for each apartment and additional spaces in an overflow lot.

Security Properties replaced the original electrical system, installed high-speed fiber networking, and added washers and dryers.

Madrona Ridge Residential is the property manager and Clark Design Group was the architect of record for the renovation.