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WA company turning hotels into attainable housing
One local investment group is investing its time and effort into turning underutilized motels and hotels into additional housing for those who need it.
BELLEVUE, Wash. - Finding an affordable place to live in Seattle can be tough, but it can especially be tough for one demographic: those who earn too much to qualify for low-income assistance, but not enough to comfortably afford the average rent.
Now, one local investment group is putting its time and effort into turning underutilized motels and hotels into additional housing for folks who need it.
The backstory:
Its latest project to open is just minutes from downtown Bellevue. The Bellevue Ridge Studios were once part of the Quality Inn Hotel. Owner and founder of Sage Investment Group, Emily Hubbard, told FOX 13 they buy underutilized hotels and turn the units into workforce housing, which is also commonly referred to as "missing middle housing."
"We have tenants in some of our properties where they were previously homeless and living in their cars, but yet they have a good job, make decent money and they have a clean record, so why is that the case?" Hubbard said.
The need and demand is high.
"Throughout the country, there is about 11 million units shy of the amount of housing we need in this country," Hubbard said.
At properties like Bellevue Ridge, Hubbard said they refer to them as attainable housing, since it’s market rate and non-subsidized.
Right now, the units are between $1,575 to $1,675 a month and they are anywhere from 160 square feet to 200 square feet.
The units are just big enough to have a full bed, a small kitchenette, closet and full bath. Phase one opened this weekend with six people moving in.
What's next:
The investment group also recently bought a Motel 6 in Kirkland, as well as other motel and hotel properties in Everett and Mountlake Terrace that will soon be transformed into more workforce housing.
They told FOX 13, in the last 16 months, they’ve created 1,400 units of housing as they work to be part of the solution.
"We don’t always have to tear things down and there's multiple purposes for so many different things out there," Hubbard said.
She adds they’ve been working with the city of Bellevue on these studios, and the mayor has toured the property.
Phase two is expected to be done in the new year.
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The Source: Information in this story came from Sage Investment Group and FOX 13 Seattle reporting.