The Siegel Group Continues Aggressive Expansion in 2008; Acquires 228 Unit Apartment Complex for $14.5 million
March 17, 2007
LOS ANGELES — The Siegel Group Nevada, Inc., a Commercial Real Estate & Business Development Company, today announced that it had completed its acquisition of the Mark Twain Apartments; a 228 unit apartment complex situated on approximately 4.30 acres of land in Las Vegas, Nevada. The purchase price was $14.5 million. SASCO Properties, a Division of The Siegel Group Nevada, Inc., will assume operational control and immediately begin a substantial renovation to correct years of deferred maintenance issues while converting the property to its Flexible-Stay program. The property will be renamed Siegel Suites Twain II and operate under the Siegel Suites brand which provides residential accommodations to tenants seeking short and long-term residences that provide flexible terms as well as a host of amenities and services without the commitment of a long-term lease agreement. With plans to become the largest provider of multi-family accommodations in Las Vegas, The Siegel Group is aggressively searching for acquisitions to add to its growing Siegel Suites portfolio.
Judith Perez, Executive Vice-President of SASCO Properties said: “This newest acquisition is centrally located between two of our properties and these economies of scale will reduce our operational costs while further strengthening our presence in the area. Siegel Suites Twain II has a terrific unit-mix and our slogan, “Size Matters. Our Suites Are Bigger” applies perfectly to this property which features large two-bedroom units as well as a unique one-bedroom, one-and-a-half baths which is a rarity in the multi-residential market that we believe our tenants will appreciate.”
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 https://siegelcompanies.com.
Contact
To obtain further information regarding this release, please contact Michael Crandall via email at mcrandall@siegelcompanies.com or by phone at (310) 597-9221.
