The only motel in Mountlake Terrace, the 119-unit Studio 6 motel in Southwest Mountlake Terrace has been sold to a Bellevue-based LLC for $5.4 million, NextMLT reports.

The new owner, Old West 6017 LLC — which purchased the property in December 2020 — is associated with a company called PMF Investments. According to the company website:

Since 1978, PMF Investments has put a premium on acquiring and developing undervalued commercial real estate properties. The company has led commercial, industrial and mixed-use projects throughout Washington, Oregon, California, Idaho and Ohio. PMF has a reputation for long-term real estate investing, which has enabled them to develop long-lasting relationships within the communities where they do business. PMF has also developed a strong portfolio by responding to strategic opportunities rather than short-term market fluctuations.

Studio 6 was originally built in 1997 and then sold for $4.7 million in 2001. In 2012 it was again sold, this time for $5.0 million to G6 Property Hospitality LLC based out of Texas. G6 Hospitality LLC owns, operates and franchises more than 1,400 economy lodging locations under the Motel 6 and Studio 6 brands in the United States and Canada and the Hotel 6 brand in India.

According to NextMLT, with the Studio 6 being built in 1997 it’s unlikely the new owner has redevelopment plans. They were not responsive to NextMLT’s request for more information.

If the property were to be redeveloped, the zoning is the Freeway/Tourist District, Building District B. This district allows up to three stories with an option of four stories with some special considerations.

Until recently the property was at the end of the Gateway Place development which includes Cinnebarre, Mazatlán and Gene Juarez. With the recently opened new Van Ry Boulevard connecting 244th and 236th the property will likely see much more vehicle and pedestrian traffic.