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Sage Investment Group Acquires Mountlake Terrace Motel for Apartment Conversion
Kirkland-based Sage Investment Group has announced the acquisition of a Studio 6 extended-stay lodging property located at 24035 Van Ry Blvd in Mountlake Terrace, Washington. The 1997-built property was purchased for $12.14 million.
According to Emily Hubbard, co-founder of Sage Investment Group, the company plans to convert the site into 120 studio apartments, with an anticipated opening in early 2027. The property is conveniently located across Interstate 5 from the Nile Shrine Golf Course and is within walking distance of the new Mountlake Terrace Sound Transit light rail station. Planned amenities for the development include a common area, on-site laundry facilities, and additional resident features.
This acquisition is part of a broader expansion strategy for Sage Investment Group. The firm recently purchased a vacant motel in Fife that will also be repurposed for residential use and is nearing completion on a similar conversion project in Bellevue. With the addition of the Mountlake Terrace property, Sage Investment Group’s portfolio now includes 29 properties nationwide, totaling 2,680 units.
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