Las Vegas real estate investor Stephen Siegel has acquired a decades-old apartment complex just off the north Strip.
His company Siegel Group Nevada bought the 40-unit Somerset Apartments for $6 million, property records show. The sale closed Sept. 1.
Siegel’s organization, known for its chain of low-priced Siegel Suites apartment buildings, announced the purchase Wednesday.
The Somerset complex, which the company said would be renamed Siegel Gardens, was built in 1961. It sits on a 1.2-acre parcel at 3064 Kishner Drive, east of the Strip and just south of where the recently imploded Riviera stood.
The Las Vegas Convention and Visitors Authority, which bought and then toppled the hotel-casino, plans to use the site for a $1.4 billion expansion of the Las Vegas Convention Center.
The apartments also are across Las Vegas Boulevard from the planned Resorts World Las Vegas, a Chinese themed-megaresort by Malaysia’s Genting Group. Under previous owner Boyd Gaming Corp., the development was the abandoned, partially built Echelon project.
The Siegel Group said it would operate its new apartment complex as a traditional rental property while it “investigates alternative redevelopment uses and further expansion opportunities.”
“I’m pleased to have added this important and strategically located asset to our growing portfolio,” founder Stephen Siegel said in a statement. “This marks the second location we have recently acquired in this vicinity, which we believe will be the center of the largest redevelopment plan to occur in Las Vegas since exiting the downturn.”
Contact Review-Journal writer Eli Segall at 702-383-0342. On Twitter at @eli_segall