Ogden getting $2 million in upgrades —PHOTOS

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.

The homes range from a one-bedroom, 815-square-foot unit for $229,000 to a three-bedroom, 2,044-square-foot space selling for $689,000. The most expensive closing to date has been $649,000 on March 17.

DK Las Vegas has already spent $1.5 million of the $2 million budget on improvements, including overhauling the lobby for more than $100,000 with a custom-designed look, face-lifting the sky deck on the building roof for another $100,000 and revamping the entrance for $36,500 with new lighting, said Uri Vaknin, a partner in a company that is a co-owner of DK Las Vegas.

Illuminated planters from Italy are arriving soon for the front entrance, while residents walk on a new tiled lobby floor made of marble, porcelain and granite. The lobby also includes glass bead wallpaper and sitting areas with silver embossed leather back rests and navy blue, mohair-covered seating.

“We wanted a sense of arrival,” Vaknin said. “(Before), it was not the sense of arrival I would like if this was my home. But we have kept the cool, hip funkiness.”

Since the Ogden opened as condos in 2008, the building that was originally named Streamline Towers has undergone a lot of wear and tear, and it was time to update styles, Vaknin said. The building then went rental the same year when the economy crashed and now has returned to condos. In 2011, the building was re-branded from Streamline Towers to Ogden.

“Things had been used and it was time to give it a fresh new look,” Vaknin said. He noted Lee Bryan, a prominent interior designer from Atlanta, was enlisted to spruce up the building.

For example, the condos have received new lighting, hardwood floors, granite counter tops and green building features. Common areas including a social lounge and an outdoor pool have been renovated. And all elevator lobbies have been made over as well.

The rooftop includes a shade structure that is able to withstand winds of 120 mph, a cooking area with a grill and wine cooler, new lounge chairs and table, and a desert landscape theme.

As rental leases expire in 2015, about 15 units become available per month, Vaknin said. Qualified buyers can purchase an Ogden home with 10 percent down and two national lenders — Federal Savings Bank and Citibank — on site, he said.

Contact reporter Alan Snel at asnel@reviewjournal.com or 702-387-5273. Find him on Twitter: @BicycleManSnel.