LAS VEGAS--(BUSINESS WIRE)--The Siegel Group Nevada, Inc., a Commercial Real Estate & Business Development Company, today announced that it had acquired the Solana Square apartments in Las Vegas, Nevada for $4.2 million. Built in 1987, the 119 unit apartment complex is situated on approximately 2.30 acres and has historically demonstrated strong occupancy of over 90% due to the property’s excellent location which is just a ¼ block from Paradise Road and across from the Wynn Golf Course, the Hughes Center and in close proximity to the Las Vegas Strip.
With this acquisition The Siegel Group expands its rapidly growing Siegel Suites brand to 23 locations which are identifiable throughout Las Vegas by their distinctive branding traits such as their property colors and signage and have quickly become a dominant provider of residential accommodations that provide a host of amenities to tenants seeking short and long-term living arrangements. The property is in sound condition with only minor deferred maintenance issues which will quickly be addressed. The company will immediately focus its attention on converting and rebranding the traditional apartment complex to its signature Siegel Suites business model and the property will be renamed Siegel Suites Twain III. The property will be operated in conjunction with Siegel Suites Twain, a 186 unit complex located directly across the street which will enable The Siegel Group to centralize operations and take advantage of the resulting economies of scale which will further reduce operating costs.
Stephen Siegel, Founder and Chief Executive Officer of The Siegel Group, states: “I am excited to have added another property in such an incredible location to our Siegel Suites portfolio. We have worked diligently to expand the Siegel Suites brand throughout Nevada and while the recession was certainly challenging we remained focused and continued our expansion efforts while creating valuable jobs in the process of which I am very proud of. As demand for our product continues to gain momentum we will continue expanding the brand throughout Southern and Northern Nevada with new markets such as California and Arizona to follow soon.”
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 Siegel Suites
Siegel Suites (www.siegelsuites.com) is a trademarked brand of flexible-stay residential communities operated by The Siegel Group Nevada, Inc. With 23 locations and growing throughout Southern, Central and Northern Nevada, Siegel Suites is able to provide quality residences with a host of amenities to customers seeking short and long-term accommodations with properties offering fully furnished units, complimentary utilities and its signature Siegel Suites Rewards program (www.siegelsuites.com/rewards) that allows residents the opportunity to earn points for paying their rent which can be used towards Free Rent, food, movies, electronics and more. The company’s target demographic are long-term tenants that prefer the all-inclusive residential product and the flexibility of paying rent on either a weekly, semi-monthly or monthly basis without a long term rental commitment or credit requirement.
About The Siegel Group Nevada, Inc.
The Siegel Group, a Commercial Real Estate & 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, 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.