DEAL OF THE DAY: Siegel Group Acquires 330-Unit Bankrupt Apartment Complex for $19.10M
- Jul 07, 2008
By Anuradha Kher, Online News EditorLas Vegas–The Siegel Group Nevada Inc. and Great American Capital together recently completed the acquisition of the Deer Creek Apartments, a 330-unit bankrupt apartment complex in Las Vegas, for $19.10 million.Deer Creek Apartments is situated on approximately 6.68 acres of land adjacent to the corner of Flamingo and Swenson.In late June 2007, the Siegel Group had been negotiating the purchase of Deer Creek with the prior owner of the property, Atherton Newport Investments, which acquired the property in February of 2006 with the intention of demolishing and constructing a condominium development. In early 2008, the property was put into bankruptcy and assigned to a trustee by the Bankruptcy Court with whom The Siegel Group and Great American Capital continued negotiations with. SASCO Properties, an affiliate of the Siegel Group, will assume operational control and immediately begin to correct the numerous deficiencies, which resulted in high vacancy rates and numerous tenant delinquencies that are months in arrears. The property will undergo substantial renovations to correct years of deferred maintenance and cosmetic issues and renamed Siegel Suites Swenson and operate under the Siegel Suites brand. Additionally, The Siegel Group plans to construct additional apartment units with a retail component or a flagged business hotel on excess land located on the southeast corner of the property.“I am happy to announce that this newest acquisition marks our 16th Siegel Suites location in Nevada,” says Stephen Siegel, president and CEO of The Siegel Group. Deer Creek Apartments is near the Las Vegas Convention Center, McCarran International Airport and the Las Vegas strip and is situated directly across the street from the Vegas Grand, a luxury condominium development that is nearing completion.