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Sage Buys Tacoma Motel, Plans Affordable Housing

Sage Buys Tacoma Motel, Plans Affordable Housing

A shuttered 142-room American Lodge Motel on South Hosmer Street has been acquired by Kirkland, WA-based Sage Investment Group for $11.5 million. The company plans on converting the South Tacoma hotel into much-needed affordable apartment units.

According to the Puget Sound Business Journal, this is one of several former hotels/motels that Sage Investment Group has purchased in order transform them into affordable residential units. Crux Commercial Partners’ Jacob Wilson arranged the financing for Sage, saying the firm, which owns over 1,000 housing units across the country, has a history of success.

Sage is a for-profit company, but the deep need for affordable housing is fueling value-add investment in the asset class. The firm’s co-owner Emily Hubbard told the Business Journal that turning hotels into housing in much easier than developing affordable housing from scratch.

The property’s South Tacoma location is just off Interstate 5 at S. 84th Street and a short 7 mile drive to the city’s Central Business District.


Inside The Story

Sage Investment GroupCrux Commercial Partners

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

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