(Read more on the multifamilymarket.)
LAS VEGAS-The Siegel Group on Thursday acquired the Fallsapartment complex near the University of Nevada here for $14.75million and promptly reflagged it Siegel Suites Cambridge. The230-unit, 4.8-acre property on South Cambridge Street is the 10thproperty to join the company's 2,500-room, Vegas-area chain ofhotel-apartment hybrids it calls “flexible-stay” properties.
Last week, the company paid $13.75 million for Coliseum Villas,a 186-unit, 3.64-acre property near the corner of Paradise Road andTwain Avenue, across the street from the Wynn Las Vegas golf courseand about one mile from the Falls apartments. Next month, it willclose on the 225-unit Emerald Suites hotel on Tropicana Avenue,just west of Interstate 15.
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