Siegel Group Nevada has upped its Siegel Suites brand’s footprint.
The extended-stay residential company announced Feb. 26 that it spent $4.2 million to buy the 119-unit Solana Square apartments at 450 E. Twain Ave. It’s the 23rd Nevada property for the nameplate.
The 27-year-old complex “is in sound condition with only minor deferred maintenance issues, which will quickly be addressed,” company executives said. They added that the property has a “historically strong” occupancy of more than 90 percent, thanks to its proximity to The HC | Hughes Center and Wynn Las Vegas. Siegel Group owns Siegel Suites Twain, a 186-unit property across the street, and its corporate offices are nearby. That will allow for centralized operations and “resulting economies of scale.”
Siegel Group will rebrand the property as Siegel Suites Twain III.
Stephen Siegel, CEO of Siegel Group Nevada, said he wanted the property because of its location at Paradise Road.
“The best street in Las Vegas is the Strip, but the second best is Paradise. It’s the connector to the airport, and it has the Las Vegas Convention Center and the Hughes Center. My gut tells me Paradise is it. It’s my favorite street in Las Vegas,” Siegel said.
Siegel has more competition today for the properties he wants, as investors flock to the Las Vegas market looking for deals in a market that’s still early in its recovery.
“There’s definitely more action out there now, as lenders around the country have loosened up about stepping back into Vegas. Obviously, that increases demand. But there are still opportunities here. A lot of investors still have that mindframe of trying to get stuff at rock-bottom prices, and a lot of that has passed. But we bought at the top, and at the bottom. We’ve been buying all through it.”
Siegel said the company won’t limit its expansion to Nevada: It’s looking to enter Southern California and Arizona markets in 2014. He said he’d like to expand in the next two years to more than 100 regional locations.
“We’re looking at a couple of portfolios that will give us a big jump” toward that goal, Siegel said.
■ Brokers with Colliers International recently closed on a big apartment deal near the center of town.
Garry Cuff helped Country Hills Apartments LLC with its $11.2 million sale of a 208-unit multifamily propery on nearly nine acres at 5400 Maryland Parkway. Doug Schuster of Newmark Grubb Knight Frank represented 29th Street Capital.
In the office division, Colliers International’s Ryan Martin, Patti Dillon, Tom Stilley and Lizz Stilley represented CML NV SR LLC with its sale of of a 40,681-square-foot, two-story building at 8906 Spanish Ridge Ave. Brendan Keating of The Equity Group represented buyer TAG 8906 SR LLC in the $3.8 million purchase.
Robert Torres and Scott Gragson represented GKT Acquisitions LLC in its $1.5 million sale of 4.43 acres at the northeast corner of South Bonita Vista Street and Dewey Drive. The buyer was KB Home LV Spanish Ridge Durango LLC. Torres and Gragson represented Nina Lemansky LLC in its $700,000 sale of 1.69 acres at the same intersection to KB Home LV Spanish Ridge Durango.
And Brian Riffel represented Curtis Legacy Family Properties LLC in its sale of four acres at the northwest corner of Buffalo Drive and Oquendo Road to Big Buffalo LLC. Big Buffalo spent $1.2 million to buy the parcel.
On the leasing side, Spencer Pinter, Dan Doherty, SIOR, Chris Lane and Jerry Doty represented landlord Bracket Co. LLC in a deal for 12,344 square feet of light industrial space at 3335 W. Oquendo Road with tenant ALCAL Specialty Contracting. Jason Brooks of The Equity Group represented the tenant in the $400,000 agreement.
■ CBRE broker Greg Tassi helped Bally Technologies pick up nearly 14 acres near the corner of Sunset and El Camino roads, just north of the 215 Beltway, for $5 million. The land is next to the 135,000-square-foot headquarters of former gaming equipment rival SHFL Entertainment, which Bally bought in late 2013. Tassi said Bally plans to build office and industrial buildings on the land.
Contact reporter Jennifer Robison at email@example.com. Follow @J_Robison1 on Twitter.