The Siegel Group is developing its first newly built Siegel Suites property, after buying dozens of existing complexes and converting them to its namesake, low-cost brand.
The Las Vegas real estate firm, led by founder and CEO Steve Siegel, held a ceremonial groundbreaking Monday for a four-story, 96-unit apartment building on Swenson Street just north of Flamingo Road, about 1 1/2 miles east of the Strip.
The $6.5 million project is expected to open in early 2018 and would be managed as part of an existing 330-unit Siegel Suites apartment complex next door.
Until now, Siegel had bought mostly older properties to grow his budget rental chain.
He operates 39 Siegel Suites-branded apartment and extended-stay complexes, with the latter known as Siegel Suites Select. Most are in the Las Vegas area.
All told, he has about 10,000 units but is looking to reach 25,000 to 30,000. He’s looking to build more properties in Las Vegas and elsewhere, but construction alone won’t get him to his goal: Siegel said he doesn’t plan to stop buying existing buildings.
Besides apartments, Siegel’s holdings include retail, office and industrial properties, as well as land and hotels. His hotels include Artisan, on Sahara Avenue at Interstate 15, and The Resort on Mount Charleston, a roughly 40-mile drive from the Strip.
He sold Rumor, a 150-room hotel east of the Strip, in January for $18 million to buyers in Hong Kong. The hotel’s name was quickly changed to Serene Vegas.
Contact Eli Segall at email@example.com or 702-383-0342. Follow @eli_segall on Twitter.
NEWLY BUILT SIEGEL SUITES PROPERTY
* 96 units
*$6.5 million in construction costs