Kirkland-based Sage Investment Group recently closed on the purchase of a Studio 6 extended-stay lodging property at 24035 Van Ry Blvd in Mountlake Terrace, Washington.

According to Emily Hubbard, co-founder of Sage Investment Group, the company purchased the 1997-built property for $12.14 million. Sage plans to convert the property into 120 studio apartments, which are projected to open in early 2027. The property, located east across Interstate 5 from Nile Shrine Golf Course, is within walking distance of the new Mountlake Terrace Sound Transit light rail station for the 1 Line. It will have a common area, on-site laundry, and other features.

Sage Investment Group also recently acquired a vacant motel in Fife that it plans to convert to apartments. It also has a motel-to-apartment conversion nearing completion in Bellevue. With the Mountlake Terrace acquisition, the company has 29 properties nationwide with 2,680 units.