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Ex-Condo Tower Site Trades for $19M

LAS VEGAS-The nearly seven-acre apartment property on Flamingo Road includes excess land; the new owners plan to add a flagged business hotel or more apartments.

By Brian K. Miller | Updated on July 06, 2008

LAS VEGAS-The Siegel Group Nevada Inc. and Great American Capital has acquired the 330-unit Deer Creek Apartments here for $19.1 million. The duo acquired the 6.68-acre property out of bankruptcy court with plans to renovate the existing buildings and develop the excess land.

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.

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