PRESS RELEASES
October 10, 2007
The Siegel Group Completes Acquisition of Coliseum Villas Apartments
LOS ANGELES — 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.”
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