The Siegel Group Completes Acquisition of Las Vegas Boulevard
Apartment Complex
LAS VEGAS (Business Wire EON) June 12, 2008 --
The Siegel Group Nevada, Inc., a Commercial Real Estate & Business
Development Company, today announced that it had completed its
acquisition of Casa Palms, a 137 unit apartment complex situated on
approximately 1.33 acres of land on Las Vegas Boulevard in Downtown Las
Vegas, Nevada. The purchase price was $5 million which equates to
approximately $36,500 per unit and reflects The Siegel Group’s
proven strategy of acquiring value-added assets at below-market prices
which it is able to quickly renovate and reposition. SASCO Properties,
an affiliate of the Siegel Group, will assume operational control and
immediately begin a substantial renovation of both the exterior and
interior of the property to correct years of deferred maintenance issues
while converting the property to its Flexible-Stay program.
Additionally, plans are also underway to landscape the grounds and
construct both a new pool and a retail component to attract residents.
Due to the existing deferred maintenance combined with a 50% occupancy
rate and the previous owners neglect and mismanagement of the complex,
the property possesses significant upside potential. Judith Perez,
Executive Vice-President of SASCO Properties states that, based on the
company’s proven business model, occupancy
will quickly fall in line with that of other Siegel Suites locations,
increasing to 93-96% once the renovation is completed. The property will
be renamed Siegel Suites Las Vegas Blvd. 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. Despite the challenging credit markets of today, The
Siegel Group’s unwavering and ongoing focus of
purchasing only value-added multi-residential properties at discounted
prices in this turbulent environment demonstrates the strength of its
business model as well as its belief and long-term commitment in the
viability of the Las Vegas market.
Stephen Siegel, President and Chief Executive Officer of The Siegel
Group, said: “This newest acquisition is
situated directly on Las Vegas Boulevard and is located just one block
from another of our Siegel Suites locations and these economies of scale
will reduce our operational costs, further strengthening our presence in
the area. Additionally, this property is in walking distance of the many
hotel-casinos that make up the Downtown Gaming District, including the
Gold Spike Hotel & Casino which we recently acquired and are in the
process of renovating, enabling us to cater to the employees that
support these establishments who are integral to the success of our
business model. Furthermore, as our recent acquisitions demonstrate, we
firmly believe in the potential of Downtown Las Vegas which currently
lacks renovated and secure rental housing options and we are committed
to filling this void and providing quality residences to the growing
workforce that continues to expand as investment in the area increases.”
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 (www.siegelsuites.com),
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.
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