The Siegel Group Continues Aggressive Expansion in 2008; Acquires 228
Unit Apartment Complex for $14.5 Million
LAS VEGAS (Business Wire EON/PRWEB ) March 17, 2008 --
The Siegel Group Nevada, Inc., a Commercial Real Estate & Business
Development Company, today announced that it had completed its
acquisition of the Mark Twain Apartments; a 228 unit apartment complex
situated on approximately 4.30 acres of land in Las Vegas, Nevada. The
purchase price was $14.5 million. SASCO Properties, a Division of The
Siegel Group Nevada, Inc., will assume operational control and
immediately begin a substantial renovation to correct years of deferred
maintenance issues while converting the property to its Flexible-Stay
program. The property will be renamed Siegel Suites Twain II and operate
under the Siegel Suites brand which provides residential accommodations
to tenants seeking short and long-term residences that provide flexible
terms as well as a host of amenities and services without the commitment
of a long-term lease agreement. With plans to become the largest
provider of multi-family accommodations in Las Vegas, The Siegel Group
is aggressively searching for acquisitions to add to its growing Siegel
Suites portfolio.
Judith Perez, Executive Vice-President of SASCO Properties, said: “This
newest acquisition is centrally located between two of our properties
and these economies of scale will reduce our operational costs while
further strengthening our presence in the area. Siegel Suites Twain II
has a terrific unit-mix and our slogan, “Size
Matters. Our Suites Are Bigger” applies
perfectly to this property which features large two-bedroom units as
well as a unique one-bedroom, one-and-a-half baths which is a rarity in
the multi-residential market that we believe our tenants will appreciate.”
About The Siegel Group Nevada, Inc. / SASCO Properties
The Siegel Group, a Commercial Real Estate & Business Development
Company with offices located in Las Vegas, Nevada and Studio City,
California, is a full-service real estate investment and development
company founded by Stephen Siegel with expertise in acquisitions,
financing and development. The Company’s Real
Estate Division manages the firms’
acquisition, disposition, and development of commercial real estate; a
portfolio comprised of multi-residential apartment complexes, commercial
shopping centers, office buildings, and hotel-casinos. SASCO Properties,
the Property Management Division of The Siegel Group Nevada, Inc.,
oversees the operation, leasing, maintenance, renovation, and reposition
of the company’s commercial portfolio. This
arrangement allows operations to be streamlined, ensuring that the full
potential of each asset is maximized. For more information on The Siegel
Group and its affiliates, visit the Company’s
website at www.siegelcompanies.com.
About Siegel Suites
Siegel Suites, a registered trademark of The Siegel Group Nevada, Inc.,
was formed by Stephen Siegel to manage and brand his multi-residential
portfolio. With a portfolio of multi-family residences, Siegel Suites is
able to provide residential accommodations with a host of amenities to
tenants seeking short and long-term living arrangements with a number of
properties offering fully furnished units and complimentary utilities.
With thousand of units throughout Nevada, Siegel Suites is quickly
becoming the largest provider of multi-family accommodations in Las
Vegas.
To obtain further information regarding this release, please contact
Michael Crandall via email at mcrandall@siegelcompanies.com
or by phone at (310) 597-9221.
See the original story at: http://eon.businesswire.com/releases/siegel/group/prweb777884.htm
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