The Siegel Group Completes $19 Million Land Sale to KB Home for Residential Development

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LAS VEGAS--(BUSINESS WIRE)--Oct 17, 2024--

The Siegel Group, a leading real estate investment and management firm, has announced the successful off-market sale of a portion of its land holdings in Las Vegas, Nevada, to KB Home, a renowned national homebuilder, for $19 million.

This strategic sale includes approximately 20 acres of a larger 27-acre assemblage along Boulder Highway near U.S. Route 95. The Siegel Group retained seven acres, which include a 186-unit extended-stay complex and a retail parcel for future development, while selling the remainder to KB Home.

Over the years, The Siegel Group received multiple offers for the property but held out for a developer whose vision aligned with its own commitment to enhancing the surrounding area. KB Home approached The Siegel Group in late 2023, proposing a residential community featuring single-family homes and townhomes, alongside parks and green spaces, which perfectly matched The Siegel Group's goals for the area.

Stephen Siegel, President of The Siegel Group, remarked, “We’re thrilled to complete this sale with KB Home, a top-tier builder known for creating exceptional residential communities. Their development will bring much-needed housing to Boulder Highway and positively impact the community.”

The Siegel Group remains focused on acquiring underperforming properties nationwide, with a proven ability to close deals quickly and without financing contingencies. For property submissions, email [email protected].

About The Siegel Group

Based in Las Vegas and founded by Stephen Siegel, The Siegel Group is dedicated to acquiring, managing, and transforming underperforming real estate assets. The company’s portfolio spans multi-residential properties, flexible-stay apartments, extended-stay hotels, boutique resorts, hotel-casinos, and various commercial spaces. Learn more at www.siegelcompanies.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20241016519420/en/

CONTACT: Michael Crandall, Chief Business Officer

The Siegel Group

702-947-8322

KEYWORD: NEVADA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: RESIDENTIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY REIT

SOURCE: The Siegel Group

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PUB: 10/17/2024 10:15 AM/DISC: 10/17/2024 10:17 AM

http://www.businesswire.com/news/home/20241016519420/en