The Siegel Group Continues Expansion with Acquisition of 17th Siegel Suites Location
June 28, 2010
LAS VEGAS — The Siegel Group Nevada, Inc., a Commercial Real Estate & Business Development Company, today announced that it had completed its acquisition of the Charleston Plaza Apartments; a 64 unit apartment complex situated on approximately .43 acres. The purchase price was $1.7 million which equates to approximately $26,500 per unit and is one of the lowest prices per door that the Las Vegas based company has paid to date. The Siegel Group was able to successfully negotiate an off-market short-sale with the lender which provided favorable financing terms at a substantial discount to the original note value; reflecting Founder Stephen Siegel’s proven strategy of acquiring value-added assets at below-market prices. The Siegel Group will assume operational control and immediately begin a renovation to upgrade the facilities and correct deferred maintenance issues while converting the property to its Flexible-Stay program. The property will be renamed Siegel Suites Charleston and operate under the Siegel Suites brand; a dominant provider in the multi-residential market which provides 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.
Situated within steps of the famous Las Vegas Strip, the property is located at the gateway of the Las Vegas Arts District which is comprised of unique stores and an eclectic mix of galleries and restaurants that are helping to revitalize Downtown Las Vegas. The prior ownership had planned to construct a high-rise condominium development to capitalize on this spectacular location and obtained the necessary entitlements which can still be utilized for a future redevelopment of the property. Unable to execute on the planned development, the property suffered from neglect and mismanagement under the prior ownership providing The Siegel Group with the opportunity to acquire an asset with significant upside potential once stabilized and repositioned as a Siegel Suites location.
Stephen Siegel, President and Chief Executive Officer of The Siegel Group, said: “This newest acquisition which represents our 17th Siegel Suites location is a great addition to our portfolio that will be highly sought after by our clientele. Not only is the property centrally located but it is situated directly in front of major lines of public transportation that travel East, West, North and South which is invaluable to our target demographic as they utilize and rely heavily upon this service. While this has unquestionably been a very challenging economic time, the opportunities that have resulted and will continue to develop are tremendous and we plan to aggressively acquire assets at substantial discounts to further build our presence as we remain steadfast in our belief and commitment to the Las Vegas market.”
The Siegel Group is actively looking to acquire value-added properties throughout the Las Vegas market and is working closely with lenders and private parties to take over distressed assets.
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, office, restaurant, bars, nightclubs and automotive. 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 (702) 947-8322.
