LAS VEGAS —August 30, 2016 — The Siegel Group Nevada, Inc., a real estate investment and management company announced today that it had acquired a 442-unit extended stay property located in Tolleson, Arizona previously operated under the Legacy Suites brand for $16.60 million. This is the third Legacy Suites location that The Siegel Group has acquired in the last fourteen months with the other properties located in Phoenix and Casa Grande, Arizona. The acquisition of its newest location increases the properties operated under the various Siegel Suites brands located throughout Nevada, New Mexico, and Arizona to 36 with additional locations scheduled to open in 2016.
Built in 2010 and situated on 8.35 acres, the two-story, 8 building complex totals nearly 177,000 square feet and is comprised of a mixture of fully furnished studio, one and two bedroom units each containing full kitchens. The well-maintained property, which will be renamed Siegel Suite Tolleson, has an exterior courtyard, fitness center, two outdoor swimming pools and spas, a commercial laundry facility and multiple shared common areas for tenants and guests to gather, work and relax. The Siegel Group will be installing Wi-Fi throughout the property, adding flat screen televisions to all units and will make minor cosmetic upgrades. Additionally, the company will brand the property with signage and façade improvements that are characteristic of their other locations situated throughout the southwestern United States.
The Siegel Group, which owns and operates a sizable commercial real estate portfolio comprised of apartments, extended-stay, hotels, retail, and office, 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: “It’s hard to believe that it has just been over a year since we introduced our Siegel Suites brands to the Arizona market. During this short time we have acquired three new properties in Arizona totaling nearly 1,100 units and had our flexible-stay apartment business model embraced by both pre-existing and new tenants. We look forward to continuing to expand our Siegel Suites brands and are currently in the process of identifying new locations and markets within Arizona.”
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.
