LAS VEGAS-The Siegel Group Nevada Inc. has acquired another apartment building here for its 2,900-unit Siegel Suites chain of flexible-stay properties. The Las Vegas and Studio City, CA-based company paid $5 million for Casa Palms, a 137 unit apartment complex on 1.33 acres in the 700 block of Las Vegas Boulevard North, which is in Downtown Las Vegas.

Siegel Group executive Michael Crandall tells GlobeSt.com that Siegel Group affiliate Sasco Properties has assumed operational control and immediately will begin a “substantial” renovation of both the exterior and interior of the property to correct “years of deferred maintenance.” Additionally, Crandall says plans are in the works to landscape the grounds and construct both a new pool and a retail component to help attract residents.

Concurrently, the property will be converted to its Siegel Suites brand of “flexible-stay” properties, which the company describes as larger-than-average residential accommodations without the commitment of a long-term lease agreement. “Due to the existing deferred maintenance combined with a 50% occupancy rate and the previous owners neglect and mismanagement of the complex, the property possesses significant upside potential,” Crandall says.

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