Former Everett Hotel Set for Conversion Into Apartments
Sage Investment Group has invested in another Seattle-area property, and the company has completed the $9.5 million acquisition of an Econo Lodge at 9602 19th Ave. SE in Everett, Washington.
Sage, which specializes in, plans to convert the 39,600-square-foot building into 124 studio apartments. The seller was Everett-based Double Star Corp., reported the Puget Sound Business Journal.
Renovations will include a new lounge space, gym and on-site laundry for tenants. Units will be equipped with a full bathroom and kitchen. Sage budgeted $7 million for the upgrades. Construction is expected to start in November, with the first phase of leasing starting August 2026. Sage received an $11.5 million loan from Coastal Community Bank for the project
The motel is across Interstate 5 from the Everett Mall and within walking distance of a Winco Foods store. Earlier this year, Sage purchased a Studio 6 hotel in Mountlake Terrace for $12.1 million, as well as a vacant motel in Fife for $4.25 million. Sage also recent;y acquired a Motel 6 in Kirkland for $15.2 million.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout