**Sage Investment Group Acquires Mountlake Terrace Motel for Apartment Conversion**
Kirkland-based Sage Investment Group has completed the purchase of a Studio 6 extended-stay lodging property located at 24035 Van Ry Boulevard in Mountlake Terrace, Washington. The 1997-built property was acquired for $12.14 million.
According to Emily Hubbard, co-founder of Sage Investment Group, plans are underway to convert the motel into 120 studio apartments. The redeveloped property is projected to open in early 2027. The site is situated just east of Interstate 5, across from Nile Shrine Golf Course, and within walking distance of the new Mountlake Terrace Sound Transit light rail station. The upcoming apartment community will feature a common area, on-site laundry, and additional amenities.
This latest acquisition is part of Sage Investment Group’s broader strategy of converting underutilized motels into multifamily housing. The firm recently acquired a vacant motel in Fife, Washington, which is also slated for conversion, and has a similar project nearing completion in Bellevue.
With the addition of the Mountlake Terrace property, Sage now holds a national portfolio of 29 properties comprising a total of 2,680 units.
