Sage Investment Group welcomed the first renter within two hours of opening the doors of its new studio apartment complex, created in a quick conversion project from an aging Quality Inn in Bellevue, Washington.
The quick construction and full lease-up of the first phase at the 106-unit Bellevue Ridge underscores the need for affordable rental housing in Bellevue, one of most expensive enclaves in greater Seattle, a region with among nation's highest rents and housing prices.
Kirkland, Washington-based Sage acquired the property in May 2024, and by working closely with planners and other city officials was able to open the new apartments to renters within 18 months — "meaningfully faster than comparable ground-up construction," the developer said.
The developer and its contractor built micro-kitchens in each unit as well as a larger community kitchen to be used by residents to cook and build meaningful connections in the apartment complex targeting students, veterans, retirees and essential workers, Sage said.
The firm used energy recovery ventilation and upgraded insulation in the units to reduce energy demand. Other touches include a bike storage area, laundry facilities and a dedicated media room and game room.
The success of Bellevue Ridge helped spawn two more projects between Sage and lender DLP Capital, a sign of "growing institutional confidence in adaptive reuse as a scalable housing solution," said Whitney Wilkins, community relations director for Sage Investment Group.
Sage's speed in adaptive reuse to make apartments available to renters earned the project a 2026 CoStar Impact Award, as judged by real estate professionals familiar with the market.
About the project: Sage acquired the property in May 2024, and DLP Capital provided bridge and construction financing for the project, which opened its first units in November 2025.
What the judges said: Judges focused on the quick conversion of the property from an aging motel to affordable rentals.
"Close coordination with stakeholders allowed for a very compressed development cycle," said Steven Bourassa, director of the Washington Center for Real Estate Research at the University of Washington. "The development will provide workforce housing in an otherwise high-rent area."
Rebecca Lovell, chief operating officer for Greater Seattle Partners, called the project "a big win for Bellevue."
"Their tremendous tech and commercial growth demands more affordable units like these," Lovell added.
Tyler Mjelde, project executive with AECOM Hunt in Seattle, said the project "is a great example of adaptive reuse and providing affordable housing and community workforce support while saving a usable building from demolition."
They made it happen: Ryan Sudek, Ross Hubbard, Emily Hubbard, Jeff Farrell, Chris Pallemaerts, Dina Treyger, Sidney Underwood and Whitney Wilkins worked on the project for Sage Investment Group. David Sova was the architect, and Coast Property Management manages the property. Christian Lindemann of Premium Valley Contracting was in charge of construction. Jacob Wilson of Crux Commercial Partners also worked on the project.
This article was updatd on March 25 to correct the people listed under They made it happen.