LAS VEGAS -The Siegel Group Nevada Inc., a commercial real estate and business development company is adding another property to its Siegel Suites chain of “flexible stay” apartment properties in the Las Vegas Valley. The company on Friday paid $14.5 million for the Mark Twain Apartments, a 228-unit complex built in the 1980s on 4.3 acres at 955 E. Twain Ave., near the University of Nevada-Las Vegas.

“This newest acquisition is centrally located between two of our properties and these economies of scale will reduce our operational costs while further strengthening our presence in the area,” says Sasco Properties EVP Judith Perez.

Siegel executive Michael Crandall tells GlobeSt.com that Siegel’s property management division Sasco Properties will immediately begin a “substantial” renovation program to correct “years of deferred maintenance,” thereby bringing the property up to the standard of its Siegel Suites brand. The property will be renamed Siegel Suites Twain II and, like all Siegel Suites properties, will provide larger-than-average residential accommodations without the commitment of a long-term lease agreement.

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