Thursday, September 1, 2016
LAS VEGAS — The Siegel Group Nevada, Inc., a real estate investment and management company, today announced that it had acquired the former Somerset Apartments. The sale was a quick off-market transaction.
Built in 1961 and situated on 1.24 acres, the two-story complex totals approximately 31,500 square feet and is comprised of a mixture of 40 large one and two bedroom apartment units. The property, which will be renamed Siegel Gardens, has an exterior courtyard, outdoor swimming pool and laundry facility and is centrally located on Kishner Drive contiguous to the parking lot of the Las Vegas Convention Center (LVCC) to the east and adjacent to the former site of the Riviera Hotel that was acquired by the LVCC. Additionally, the complex is just one-half block from the Las Vegas Strip and the multi-billion dollar development site for Resorts World Las Vegas. This is the sole property located on the cul-de-sac of Kishner Drive that is not owned or controlled by the Kishner family. For the near term, the property will continue to be operated as a traditional apartment complex while The Siegel Group investigates alternative redevelopment uses and further expansion opportunities.
Stephen Siegel, President of The Siegel Group stated: “I’m pleased to have added this important and strategically located asset to our growing portfolio. This marks the second location we have recently acquired in this vicinity which we believe will be the center of the largest redevelopment plan to occur in Las Vegas since exiting the downturn.”
The Siegel Group is actively looking to acquire value-added properties throughout the United States and is working closely with lenders and private parties to take over distressed assets. If you have a property you would like to submit for consideration, please email email@example.com.
About The Siegel Group Nevada, Inc.
The Siegel Group, a real estate investment and management company founded by Stephen Siegel with offices located in Las Vegas, Nevada and Studio City, California, specializes in the acquisition, disposition and development of under-performing, value-added real estate and businesses with significant turn-around potential. The company’s extensive expertise in the areas of operations, management, finance, marketing, branding, leasing, renovation, design, entitlements, construction, and redevelopment enable The Siegel Group to elicit an operational turnaround on the assets it acquires. These assets include a variety of businesses and a commercial real estate portfolio comprised of multi-residential apartment complexes, flexible-stay, boutique resorts, hotel-casinos, retail, office, restaurant, bars, and nightclubs. For more information on The Siegel Group and its affiliates, visit the Company’s website at www.siegelcompanies.com.
The Siegel Group Nevada, Inc.
Senior Vice President
Michael Crandall, 702-947-8322