PRESS RELEASES
October 22, 2007
The Siegel Group Completes Acquisition of The Falls Apartments
LOS ANGELES — The Siegel Group, Inc., a Commercial Real Estate & Business Development Company, today announced that it had completed its acquisition of The Falls Apartments; a 230 unit apartment complex situated on approximately 4.83 acres of land in Las Vegas, Nevada. The purchase price was $14.75 million. SASCO Properties, an affiliate of the Siegel Group, will assume operational control and immediately begin capital improvements. The property will be renamed Siegel Suites Cambridge 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 2,500 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: “We have worked diligently the last six-months to acquire yet another incredible location to add to our Las Vegas portfolio. Siegel Suites Cambridge is in walking distance of the University of Las Vegas, Nevada which will provide us with the opportunity to reach the student market and offer them flexible terms that they aren’t accustomed to. In addition to UNLV, we are right down the street from Siegel Suites Twain, a property we acquired last week at the corner of Paradise and Twain, which will further strengthen our business model in this area.”
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