Project Set to Provide Greater Access to Attainable Housing in Bellevue, WA
DLP Capital is thrilled to showcase our partnership with Sage Capital, both as a sponsor and investor in DLP sponsored funds, with the closing of a $15.09 Million loan to finance the transformation of an existing motel into a 105-unit Class A apartment community in Bellevue, WA. This collaboration reflects both organizations’ shared commitment to creating high-quality, community-oriented housing in thriving markets.
Prime Location and Accessibility
Situated just a half block from I-90 West, the property’s central location offers convenient access to downtown Seattle and Bellevue. It is also located near a frequently serviced bus stop, making it an ideal residence for tenants who rely on public transit. The community is located near key employment and educational centers, with Bellevue College less than a mile away, T-Mobile Headquarters just five minutes away, and Microsoft’s main campus only a 10-minute drive from the property.
Robust Market Fundamentals
Bellevue’s housing market provides an excellent foundation for multifamily investments. With low vacancy rates in the area, the demand for affordable rental units remains persistent. Economic indicators further support this outlook, with the area maintaining a low unemployment rate of just 3.5%.1 CoStar forecasts continued job growth and rent increases persisting through the end of 2024, underscoring the market's potential.2
Reimagining Comfort and Modern Living
Sage Capital’s renovation plan includes a range of capital improvements, including thoughtfully-designed amenities to deliver comfort and convenience to meet the needs of modern tenants. The property will feature a fully-equipped fitness center, onsite laundry facilities, pet-friendly accommodations, high-speed internet, bundled utility services, and upgraded appliances in each unit. Residents will have access to on-site parking with 95 spots for tenants and 8 ADA-accessible spaces to ensure ease of access.
A Vibrant Community for Today’s Residents
This project combines a prime location, thoughtful design, and strong market fundamentals to create a highly desirable apartment community. By leveraging our expertise alongside the team at Sage Capital, we remain confident that this property will enhance the tenant experience and help meet the growing demand for quality rental housing in the area, providing much-needed options for working professionals and families looking to establish themselves in a vibrant community.
Summary:
DLP Capital Approves $15.09 million loan for motel-to-apartment conversion.
The property will be converted into a 105-unit Class A apartment community.
The community will be situated near downtown Seattle, Bellevue, and key employment centers.
Bellevue is experiencing strong market fundamentals with low vacancy rates and low unemployment supporting rent growth.
This investment aligns with our strategy and addresses a growing demand for quality rental housing in burgeoning markets across the U.S.
Snapshot:
DLP Capital, working alongside sponsor and investor Sage Capital, has approved a $15.09M loan for a motel-to-apartment conversion in Bellevue, WA. The property’s prime location near major employers, schools, and convenient access to public transportation along with Bellevue’s strong rental fundamentals makes it an attractive investment in a burgeoning market. Sage Capital’s renovation includes adding modern amenities and upgraded features to the property to deliver a high-quality living experience to tenants.
1“Unemployment Rate in Seattle-Tacoma-Bellevue, WA (MSA)” February 5, 2025
2“CoStar Multifamily Rent Report Q4 2024” January 6, 2025