The Siegel Group Nevada Inc. acquired a 126-unit extended-stay property on Boulder Highway for $4.55 million, the real estate investment and management company announced Thursday.
The location, on 2.3 acres at 4240 Boulder Highway, which previously operated under the Crossland Economy Studios brand, is the fourth the Siegel Group has acquired in the last several months. The acquisition increases the number of Siegel Suites and Siegel Suites Select locations throughout Nevada, Arizona and New Mexico to 37.
“It’s hard to believe that it has been 11 years since we opened Siegel Suites Boulder, which was our first location along Boulder Highway,” said Stephen Siegel, president of The Siegel Group. “I’m excited to have expanded our presence along Boulder Highway where we now have three locations and look forward to continuing the explosive growth of our various brands as we identify and expand throughout new markets.”
The Siegel Group will make minor cosmetic improvements, add flat-screen televisions to all units and install high-speed Wi-Fi throughout the property, to be renamed Siegel Suite Boulder III, according to the company’s news release.
Built in 1992, the three-story, two-building complex features exclusively large one-bedroom units, each containing full kitchens. It has an exterior courtyard, fitness center, outdoor swimming pool, laundry facility and multiple shared common areas for tenants and guests.