Sage Investment Group has closed on the Motel 6 located at 12010 120th Pl NE, Kirkland, Washington.
The company plans to convert the property into studio apartments that will provide attainable workforce housing for local residents. This project marks Sage’s first development in Kirkland, a city the team has long targeted given its high cost of housing and the strong demand for more attainable options.
Earlier this year Sage acquired a vacant motel property in Fife for $4.25 million in an off-market deal, with plans to convert the property into 121 studio apartments. The firm also purchased a Studio 6 extended-stay lodging property at 24035 Van Ry Blvd in Mountlake Terrace.
Sage specializes in converting underutilized hotels into housing for individuals and families earning moderate incomes who are priced out of market-rate rentals but do not qualify for government-subsidized housing. The firm now owns 30 properties across six states.
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