The rental housing landscape is changing in west Olympia. The Olympia Hotel, formerly Red Lion Suites, is transitioning from a hotel into an apartment complex.
The Olympia project, tentatively named Olympia 196, is a unique undertaking by Sage Investment Group, based in Kirkland, as the hotel complex is larger than the typical conversion undertaken by the company. Large open spaces and amenities built into the hotel complex are being converted to apartments and shared recreation; other spaces are set to be operated by outside vendors.
The conversion plan seeks to offer 196 studio apartments for lease at completion. The transition eliminates one of the largest banquet spaces in the county, while at the same time increases the supply of housing.
The hotel complex, located at 2300 Evergreen Park Dr SW, was purchased in 2023 for $15,500,000 by Sage Investment Group. Sage’s investment strategy is to rehabilitate hotel and motel properties into apartment complexes.
The group is currently in the process of converting four properties in Tacoma on South Hosmer Street with two completed and two in the construction phase. The group claims $229 million in assets currently under management.
On Thursday November 21, Whitney Wilkins, community relations director for Sage Investment Group, presented the conversion plan to the West Olympia Business Association. Wilkins stated, “The studio apartment complex is considered attainable housing instead of affordable housing.” No subsidies or affiliations with government entities will be used to market Olympia 196. The apartments will be available at market rate, which Wilkins described as “naturally affordable.”
Capacity for these studio apartments will be capped at two people, or one person with a pet. There is no lease rate targeted yet for a single studio apartment, but Wilkins estimated pricing will be over $1,000 per unit.
Amenities at Olympia 196 are expected to include a pickleball court, a recreation room featuring billiards, large open sitting spaces, a restaurant and bar, and a coffee shop. The hotel complex used to offer the largest banquet room in the county and a swimming pool.
The banquet room will be part of the 196 unit conversion, and no longer available to the public for lease. The swimming pool will be filled in and removed.
Wilkins pointed to previous Sage projects as an example of crime reduction in local communities. She stated, “We have seen 40-50% crime reduction within a 10-block radius of our conversion development projects.” The Olympia 196 project is expected to be completed in the spring of 2025.
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Boatyarddog
Not helping anyone to Become housed at those rates.
How about our Population of Low income?
Wednesday, November 27 Report this