Sage Investment Group Buys Mountlake Terrace Motel for Apartment Conversion

MOUNTLAKE TERRACE, Wash. — Sage Investment Group has purchased a Studio 6 extended-stay property at 24035 Van Ry Blvd. and plans to convert it into apartments. The motel will remain operational for approximately six to eight months while the company secures the necessary permits for the project, expected to be completed in early 2027.

The Kirkland-based firm announced the acquisition on Tuesday, revealing it acquired the property, which was built in 1997, for $12.14 million. Emily Hubbard, co-founder of Sage Investment Group, emphasized the project’s vision for the site.

“We believe in creating more affordable housing options,” Hubbard said, highlighting that Sage plans to transform the motel into 120 studio apartments. This project is conveniently located just east of Interstate 5, across from the Nile Shrine Golf Course and within walking distance of the new Mountlake Terrace Sound Transit light rail station.

The converted apartments will feature a common area and on-site laundry facilities. Expected rents will be around $1,350 per month, which will include internet and utilities.

Last week, Sage also announced the purchase of another motel in the city, marking its third such project in the area. Currently, the company has a motel-to-apartment conversion nearing completion.

With this latest acquisition, Sage Investment Group operates a total of 29 properties nationwide, consisting of 2,680 units across various stages of operation, leasing, and development. The company positions its housing as market rate while considering them naturally affordable, reporting that rents are typically $300 to $500 lower than the market average.