The Siegel Group Grabs Sin City Apartment Community
- Jan 04, 2017
Las Vegas—The Siegel Group Nevada Inc., a real estate investment and management company, has announced the purchase of 4240 Boulder Highway, previously named Crossland Economy Studios, for $4.5 million. The property will operate under the name Siegel Suite Boulder III.
The 126-unit property completed in 1992 sits on roughly 2 acres of land and consists of two three-story buildings totaling approximately 60,000 square feet. The apartment community features one-bedroom units with fully-equipped kitchens. The property has a spacious courtyard, fitness center, outdoor swimming pool, a customer laundry facility and numerous shared common areas. Siegel intends to upgrade the property by installing high-speed Wi-Fi, add flat screen televisions, as well as some minor exterior improvements and signage.
Siegel is no stranger to the Las Vegas apartment market. In 2011 the company snatched up 18 properties in Sin City for a mere $1.8 million, well below replacement cost.
The acquisition marks the fourth asset purchased by The Siegel Group in the last several months that is also operated under one of the Siegel Suites brands. The newly acquired property brings the company’s portfolio to 37 properties located across Nevada, Arizona and New Mexico.
“It’s hard to believe that it has been 11 years since we opened Siegel Suites Boulder which was our first location along Boulder Highway. I’m excited to have expanded our presence along Boulder Highway where we now have three locations and look forward to continuing the explosive growth of our various brands as we identify and expand throughout new markets,” Stephen Siegel, president of The Siegel Group, said in prepared remarks.
Image via Google Maps, user: Crossland Las Vegas-Boulder Highway