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LAS VEGAS-The Siegel Group on Thursday acquired the Falls apartment complex near the University of Nevada here for $14.75 million and promptly reflagged it Siegel Suites Cambridge. The 230-unit, 4.8-acre property on South Cambridge Street is the 10th property to join the company's 2,500-room, Vegas-area chain of hotel-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 and Twain Avenue, across the street from the Wynn Las Vegas golf course and about one mile from the Falls apartments. Next month, it will close on the 225-unit Emerald Suites hotel on Tropicana Avenue, just west of Interstate 15.