PRESS RELEASES
March 17, 2008
The Siegel Group Continues Aggressive Expansion in 2008; Acquires 228 Unit Apartment Complex for $14.5 million
LOS ANGELES — 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.”
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