LAS VEGAS —December 27, 2016 — The Siegel Group Nevada, Inc., a real estate investment and management company announced today that it had acquired a 126-unit extended stay property located in Las Vegas, Nevada previously operated under the Crossland Economy Studios brand for $4.55 million. This is the fourth location operated under the various Siegel Suites brands that The Siegel Group has acquired in the last several months. The acquisition of its newest property increases the number of Siegel Suites and Siegel Suites Select locations located throughout Nevada, Arizona and New Mexico to 37 with additional locations scheduled to open in 2017 in various markets including Los Angeles.
Built in 1992 and situated on 2.30 acres, the three-story, 2 building complex totals approximately 60,000 square feet and is uniquely comprised of all large full one bedroom units each containing full kitchens which is uncharacteristic of comparable properties along Boulder Highway that offer much smaller studio and junior one-bedroom units. The well-maintained property, which will be renamed Siegel Suite Boulder III, has an exterior courtyard, fitness center, outdoor swimming pool, a customer laundry facility and multiple shared common areas for tenants and guests to gather, work and relax. The Siegel Group will be installing high-speed 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 been 11 years since we opened Siegel Suites Boulder which was our first location along Boulder Highway. I’m excited to have expanded our presence along Boulder Highway where we now have three locations and look forward to continuing the explosive growth of our various brands as we identify and expand throughout new markets.”
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.
