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Sage Investment Group Expands Housing Portfolio with Kirkland Acquisition
Sage Investment Group has announced the acquisition of the Motel 6 located at 12010 120th Pl NE in Kirkland, Washington. The firm plans to convert the property into studio apartments aimed at providing attainable workforce housing for local residents.
This development marks Sage’s first project in Kirkland, a city known for its high cost of living and growing demand for affordable housing options. By repurposing the existing motel, Sage aims to help address the housing gap for individuals and families who earn moderate incomes but are priced out of market-rate rentals and do not qualify for subsidized housing.
Earlier this year, Sage acquired a vacant motel property in Fife for $4.25 million in an off-market transaction. That property is set to be transformed into 121 studio apartments. Additionally, the firm purchased a Studio 6 extended-stay property located at 24035 Van Ry Blvd in Mountlake Terrace.
Sage Investment Group specializes in converting underutilized hotel properties into much-needed housing solutions. With this latest acquisition in Kirkland, the firm now owns 30 properties across six states.
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