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August 19, 2019
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Continental Realty Advisors Spends $14 Mil for 63-Unit Res Community Just Off the Vegas Strip

4/05/19

The Onyx, a 63-unit residential community just off the Strip in Las Vegas, was acquired by Continental Realty Advisors (CRA) in a $14 mil deal ($222k/unit). Occupancy at the property is high due to its proximity to the Strip – less than half a mile – and the robust workforce at high-profile resorts, as well as nearby University of Nevada, Las Vegas.

The property includes 130 secured-access parking spaces in a multi-level structure and the four-story building is served by elevators. All units have kitchens with stainless steel appliances and granite countertops, washer/dryers and patio/balconies. Bedrooms feature walk-in closets, ceiling fans and 10-foot ceilings.

CRA plans to modernize the unit interiors at The Onyx and complete extensive renovations to the common areas. The Onyx features modern lifestyle amenities typical of much larger communities, including a club room, resident lounge, fitness center and leasing center. Residents can enjoy year-round access to the swimming pool with a spa and sun deck, as well as an outdoor grilling area.

“The Onyx is an irreplaceable asset and location,” said Robert Ireland, director of acquisitions for CRA. “Originally developed in 2008 to be sold as condos, the property was completed just prior to the downturn. Today it is one of only two conventional apartment properties this close to the Strip.”

The Onyx will benefit from a planned 1.14-mile extension of the Las Vegas Monorail from the MGM Grand to Mandalay Bay, providing transit access to the future $1.4 bil Las Vegas Stadium being built for the Raiders. The property is just one block south of the MGM Grand Monorail Station, and the new track would run adjacent to the property along E Reno Avenue. Once the extension is complete, the monorail system will total five miles and eight stations, directly connecting The Onyx to 11 resorts, 35,000 hotel rooms and two of the largest convention centers in the nation.

The Onyx was sold by Copulos Group. Since 2016, CRA has acquired more than 1,657 units in the Las Vegas market.





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