Siegel Group Buys 119-Unit M-F Property Near Strip, Expanding Flexible-Stay Portfolio
- Mar 10, 2014
The Siegel Group Nevada Inc. recently expanded its local apartment portfolio with a purchase near the Las Vegas Strip. The commercial real estate and business development company has completed a $4.2 million deal for Solana Square, a 119-unit property located off Paradise Road. The Siegel Group plans to rename the property Siegel Suites Twain III, one of 23 flexible-stay communities Siegel Group operates throughout Nevada.
Completed in 1987, Solana Square is located near the Hughes Center, as well as the Wynn Golf Course, which is located just across the street from the community. Occupancy averages 90 percent.
Siegel Group also owns another nearby property, the 186-unit Siegel Suites Twain. Operating the two properties together is expected to reduce operating costs.
Stephen Siegel, the company’s CEO, indicated in a statement that the firm is looking to “continue expanding the brand throughout Southern and Northern Nevada with new markets such as California and Arizona to follow soon..
Image courtesy of lasvegas.com