Monday, October 22, 2007
LOS ANGELES — The Siegel Group, Inc., a Commercial Real Estate & Business Development Company, today announced that it had completed its acquisition of The Falls Apartments; a 230 unit apartment complex situated on approximately 4.83 acres of land in Las Vegas, Nevada. The purchase price was $14.75 million. SASCO Properties, an affiliate of the Siegel Group, will assume operational control and immediately begin capital improvements. The property will be renamed Siegel Suites Cambridge and operate under the Siegel Suites brand which provides quality accommodations to customers seeking short and long-term residences that provide flexible terms as well as a host of amenities and services without the constraints of a long-term lease agreement. With over 2,500 units throughout Las Vegas, Mesquite and Reno, Siegel Suites is aggressively acquiring properties with additional locations scheduled to close during the fourth quarter of 2007.
Stephen Siegel, President and Chief Executive Officer of The Siegel Group, said: “We have worked diligently the last six-months to acquire yet another incredible location to add to our Las Vegas portfolio. Siegel Suites Cambridge is in walking distance of the University of Las Vegas, Nevada which will provide us with the opportunity to reach the student market and offer them flexible terms that they aren’t accustomed to. In addition to UNLV, we are right down the street from Siegel Suites Twain, a property we acquired last week at the corner of Paradise and Twain, which will further strengthen our business model in this area.”
About Siegel Suites
Siegel Suites (www.siegelsuites.com), a registered trademark of The Siegel Group Nevada, Inc., was formed by Stephen Siegel to manage and brand his multi-residential portfolio. With a portfolio of multi-family residences, Siegel Suites is able to provide residential accommodations with a host of amenities to tenants seeking short and long-term living arrangements with a number of properties offering fully furnished units and complimentary utilities. With thousand of units throughout Nevada, Siegel Suites is quickly becoming the largest provider of multi-family accommodations in Las Vegas.
About The Siegel Group Nevada, Inc.
The Siegel Group, a Commercial Real Estate Investment & Business Development 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, valued 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 which include a variety of businesses and a commercial real estate portfolio comprised of multi-residential apartment complexes, extended-stay, boutique resorts, hotel-casinos, retail and office. The Siegel Group is actively seeking new investments and joint-venture opportunities with upside potential. For more information on The Siegel Group and its affiliates, visit the Company´s website at www.siegelcompanies.com.
To obtain further information regarding this release, please contact Michael Crandall via email at email@example.com or by phone at (310) 597-9221.