Ogden, Vegas Remodel
For a few years, the Ogden in downtown Las Vegas had the reputation as a Downtown Project hangout, where aspiring business owners, idea chasers and techies crashed for the night and where Tony Hsieh’s three apartments-in-one was the former Downtown Project tour’s main attraction.
How things have changed at the 21-story Ogden, the former residential rental 273-unit building bought by KRE Capital in December 2013 as part of a five-property portfolio acquired for $263 million. DK Las Vegas, a private equity firm, is made up of KRE Capital and partners Dune Real Estate Partners and Las Vegas-based Northcap. The other four properties are Juhl, Loft 5, One LV and Spanish Palms. The Ogden was previously owned by ST Residential/FDIC.
DK Las Vegas is pouring $2 million into the structure at 150 Las Vegas Blvd. North at the Ogden Avenue corner to upgrade it as it transitions back to condos. DK Las Vegas bought 248 residential units in the Ogden, selling 40 homes since Oct. 15 when condo sales began, including 11 in March. Purchasers have ranged from empty nestors and first-time home buyers to Las Vegas newcomers and people using the unit as a second home.