Siegel Group Nevada acquires Fremont Street apartment buildings
Siegel Group Nevada has acquired three apartment buildings totaling 247 units on east Fremont Street for $3.85 million, or about $15,600 per unit, real estate investor Stephen Siegel said Thursday.
The apartments, built in the early 1980s, are between 13th and 15th streets and are being branded as Siegel Suites Fremont I, II and III.
Siegel said he immediately began to clean up the properties and address deferred maintenance issues. The studio apartments with kitchenettes will be renovated within the next six months and rented for about $170 a week, he said.
Siegel Group specializes in the acquisition, disposition and development of underperforming real estate assets with turnaround potential. The company’s portfolio of Siegel Suites has grown to 19 properties in Las Vegas, Mesquite and Reno.
Contact reporter Hubble Smith at hsmith@reviewjournal.com or 702-383-0491.
