A local operator of flexible-stay apartments has added to its growing portfolio.
The Siegel Group Nevada said Tuesday that it bought a 260-unit Legacy Suites property in Phoenix for $10.55 million. It’s Siegel’s 35th property, and its second Legacy Suites buy in the last nine months. The first was in Casa Grande, Ariz.
The latest acquisition has 12 two-story buildings on nine acres, and consists mostly of two-bedroom units with kitchens. There’s also a fitness center, an outdoor swimming pool and spa, and a commercial laundry facility.
Siegel executives said they’ll rebrand the property as Siegel Suites and upgrade it with Wi-Fi, new flat-screen TVs in all units and facade improvements. The company didn’t say how much the investments would cost.
“We are pleased to enter the Phoenix market and further expand our brands throughout Arizona,” said Stephen Siegel, president of the Siegel Group.
Siegel added that the Casa Grande property has outperformed expectations.
“As a result, we plan to aggressively expand our operations throughout Arizona and will be on the lookout for additional properties that we can convert to our various brands,” Siegel said.
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