Sage Investment Group has acquired this Studio 6 extended-stay property at 24035 Van Ry Blvd. in Mountlake Terrace and plans to convert the units into apartments. The motel will continue to operate for about six to eight months while Sage goes through permitting for the project, which Sage hopes to complete in early 2027.
Kirkland-based Sage Investment Group plans to convert another motel into affordable apartments, this time in Mountlake Terrace.
The company announced late Tuesday that it recently closed on the purchase of a Studio 6 extended-stay lodging property at 24035 Van Ry Blvd. It purchased the property, built in 1997, for $12.14 million, according to Emily Hubbard, co-founder of Sage Investment Group.
Studio 6 will continue to operate as lodging for about six to eight months while Sage goes through the permitting process for the building’s conversion to apartments, Hubbard said.
Sage plans to convert the property into 120 studio apartments projected to open in early 2027. The property, located east across Interstate 5 from Nile Shrine Golf Course, is within walking distance of the new Mountlake Terrace Sound Transit light rail station for the 1 Line. It will have a common area, on-site laundry, and other features.
Rents for the apartments are expected to be in the range of about $1,350 per month, a bundled price that includes internet and utilities.
Last week, Sage Investment Group announced it had purchased a closed motel in Fife that it plans to convert to apartments, its third such property in the city. It also has a motel-to-apartment conversion nearing completion in Bellevue.
With the Mountlake Terrace acquisition, the company now has 29 properties nationwide either operating, being leased up, or in development. The 29 properties comprise 2,680 units.
Sage Investment Group’s housing is market rate and the company considers its projects naturally affordable. Its website says Sage property rents are typically $300-500 less per month than the market, making them attainable to rent.
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