The Siegel Group was negotiating the purchase of Deer Creek back in late 2007 with the prior owner of the property, an entity of Atherton Newport Investments, which acquired the property in February of 2006 with the intention of razing the site in favor of a condominium development. The sale to Siegel didn't go through before the entity filed for bankruptcy in early 2008. Siegel and great American continued to negotiate with the bankruptcy trustee.

Deer Creek Apartments sits two miles east of the Las Vegas Strip, on 6.68 acres at Flamingo Road and Swenson Street. The multi-building complex borders the University of Nevada and the $100-million first phase of the Vegas Grand condominium development, the second phase of which is in the process of being sold. The Hard Rock Hotel is also a short ways from the property.

SASCO Properties, an affiliate of the Siegel Group, will assume operational control of Deer Creek Apartments and "immediately begin to correct the numerous deficiencies that the previous owner and property management company failed to address, which resulted in high vacancy rates and numerous tenant delinquencies that are months in arrears," Siegel Group Nevada tells GlobeSt.com.