Siegel Group Acquires Deer Creek
Together with Great American Capital, the two real estate developers will renovate and expand units in the existing 330 unit property.
July 7, 2008
The Siegel Group Nevada, Inc. and Great American Capital have acquired Deer Creek Apartments, a 330-unit apartment complex in Las Vegas, Nevada. The property, which was placed into bankruptcy earlier this year, was acquired for $19.1 million from Atherton Newport Investments, the prior owner.
Atherton acquired the property in February of 2006, initially intending to construct a condominium development.
The Siegel Group plans to renovate and rename the property Siegel Suites Swenson, managed by an affiliate of the Siegel Group, SASCO Properties. The company announced plans to focus on high vacancy and rent payment difficulties in the immediate future, with an expectation of additional apartment unit construction.
President and chief executive officer of The Siegel Group, Stephen Siegel said, “We have worked diligently over the last 9 months with the prior seller, bankruptcy court and trustee to finalize this transaction. As a result of our proven business model and track record in the Las Vegas market we are able to acquire properties at a substantial discount and secure competitive financing despite today’s increasingly tough credit market and are excited to have acquired a property in such an excellent location.”
In March, The Siegel Group acquired the Mark Twain Apartments, a 228 unit apartment complex in Las Vegas, Nevada, for $14.5 million.
In February, The Siegel Group and Tippins Holdings acquired
the Gold Spike Hotel & Casino in Downtown Las Vegas for $21 million.
The Siegel Group Nevada, Inc. is a real estate developer based in Nevada, with an additional office in California
Great American Capital is a real estate development company, in Las Vegas, Nevada.
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