The Siegel Group Completes Acquisition of Coliseum Villas Apartments
LOS ANGELES (Business Wire EON/PRWEB ) October 10, 2007 --
The Siegel Group, Inc., a Commercial Real Estate & Business Development
Company, today announced that it had completed its acquisition of
Coliseum Villas; a 186 unit apartment complex situated on approximately
3.64 acres of land in Las Vegas, Nevada. The purchase price was $13.75
million. SASCO Properties, an affiliate of The Siegel Group, will assume
operational control and immediately begin a substantial renovation of
the property to correct years of deferred maintenance issues. The
property will be renamed Siegel Suites Twain and operate under the
Siegel Suites brand, which provides quality accommodations to customers
seeking short- and long-term residences that provide flexible terms as
well as a host of amenities and services without the constraints of a
long-term lease agreement. With over 2,200 units throughout Las Vegas,
Mesquite and Reno, Siegel Suites is aggressively acquiring properties
with additional locations scheduled to close during the fourth quarter
of 2007.
Stephen Siegel, President and Chief Executive Officer of The Siegel
Group, said: “This newest acquisition further
adds to the incredible locations we have strategically acquired
throughout the Las Vegas market. Paradise Road is quickly transforming
into the ‘Second Strip’
thanks to the presence of the Las Vegas Convention Center, Hard Rock
Hotel and major resort developments that are planned, and we are excited
to have added such a valuable asset to our growing Siegel Suites
portfolio.”
About The Siegel Group, Inc.
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, and property management, leasing and
rehabilitation. The Company’s Real Estate
Division manages the firms’ acquisition,
disposition, and development of commercial real estate; a portfolio
comprised of multi-family and Flexible Stay units, commercial shopping
centers, office buildings, and hotel developments. 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 SASCO Properties, was formed by
Stephen Siegel to manage and brand his multi-residential properties.
With a portfolio of traditional apartment units and Flexible-Stay
residences, Siegel Suites is able to provide quality accommodations with
a host of amenities to customers seeking short and long-term
accommodations with a number of properties offering fully furnished
units and complimentary utilities. With over 2,200 units throughout Las
Vegas, Mesquite, and Reno, Siegel Suites is quickly becoming the largest
provider of Flexible-Stay accommodations in Nevada.
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