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.