LAS VEGAS--(BUSINESS WIRE)--The Siegel Group Nevada, Inc., a real estate investment and management company, announced today that it had acquired a 168-unit apartment complex located in Las Vegas, Nevada previously operated as the Paradise Park Apartments for $8.2 million. The acquisition increases the number of Siegel Suites and Siegel Suites Select properties located throughout the southwestern United States to 39 with several additional locations currently in escrow and scheduled to close in the coming months.
Originally constructed in the 1980s, the two-story, 14 building complex totals approximately 130,000 square feet and is situated on a large 5.08 acre parcel that is contiguous to another Siegel Suites apartment complex. When combined, Siegel’s holdings total nearly 7.50 acres on the north side of Paradise and Twain. The property, which will be renamed Siegel Suites Twain IV, has multiple outdoor swimming pools, a customer laundry facility and covered parking, is comprised of a number of extremely large two bedroom units that are in high demand with the brand’s clientele. This acquisition marks the eighth property that the company has purchased along the Twain-Paradise corridor since 2007 where it has assembled a variety of assets including multi-family, office, retail and land holdings over the years. The Siegel Group will be installing high-speed Wi-Fi throughout the property, adding furniture and flat screen televisions to a number of units and making significant property upgrades. Additionally, the company will brand the property with signage and façade improvements that are characteristic of their Siegel Suites brand.
The Siegel Group, which owns and operates a sizable commercial real estate portfolio consisting of apartments, extended-stay hotels and apartments, hotels, retail, office, and development projects, will be operating the property as a Siegel Suites - the company’s flagship brand of apartment communities which provide fully furnished apartment units and allow for flexible payment options without requiring a long-term commitment. Additionally, all Siegel Suites offer a range of amenities including its popular Siegel Rewards™ program which provides loyalty points that can be earned and applied towards a free stay, gift cards, electronics and much more.
Stephen Siegel, President of The Siegel Group stated: “We remain optimistic on Las Vegas and the Nevada economy which continues to grow and attract new businesses from around the world. As our track record demonstrates, we were committed to the Las Vegas market before the recession, all throughout the recession, today and will continue this commitment into the future.”
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 www.siegelcompanies.com.
