The Siegel Group Celebrates 10 Years in Las Vegas with the Acquisition of the Sierra Vista Square Apartments
December 1, 2014
LAS VEGAS —December 1, 2014 — The Siegel Group Nevada, Inc., a Real Estate Investment and Management Company, today announced that it had acquired the Sierra Vista Square Apartments in Las Vegas, Nevada for $4.65 million. The property was offered for sale by a loan servicer through an online auction with The Siegel Group being the winning bidder and required to close the all-cash transaction within just 21 days. Built in 1980, the 175 unit traditional apartment complex is situated on approximately 3.36 acres and surrounded by property owned by the Las Vegas Convention Center. The property is located just one block east of the former Vista Arms Apartments; a 132 unit apartment complex situated on the northwest corner of Sierra Vista Drive and Swenson Street that Siegel Group founder Stephen Siegel acquired nearly a decade ago marking his entry into the Las Vegas market. Siegel subsequently sold that property to the Las Vegas Convention Center which demolished the structure to build a substation for the Las Vegas Metropolitan Police Department.
Recently renovated and in great condition, the property was 94% occupied at closing and has historically demonstrated a low vacancy rate due to its central location. Prior to being acquired by The Siegel Group many of the long-term residents of the apartment complex were fearful of being displaced due to speculation that the Las Vegas Convention Center would be the likely buyer as it has acquired multiple properties on the block and in the general area for expansion purposes. However The Siegel Group states that it intends to continue operating the property as a traditional apartment complex for the near term. The purchase of the Sierra Vista Square Apartments marks the 8th commercial property acquired by The Siegel Group in 2014 which included a variety of product types such as multi-family, extended-stay, mixed-use and retail located throughout Las Vegas and Reno.
Stephen Siegel, Founder and Chief Executive Officer of The Siegel Group states: “I am excited to again own a property on the same street where I started my Las Vegas real estate career. It’s hard to believe that it has only been 10 years since I first came to Las Vegas from California to expand my real estate business. During this time I have witnessed the highs and lows of the Las Vegas market and am proud and feel fortunate that despite the challenges prompted by the Great Recession we have been able to grow and expand our businesses which I credit with our strong infrastructure, experienced management team and expertise knowledge of the Las Vegas market. I look forward to the further expansion of our brands and portfolio in 2015 and hope the next 10 years are as exciting as the last.”
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 properties@siegelcompanies.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 https://siegelcompanies.com.
