Continental Realty Advisors, Ltd. (“CRA”), a Denver-based multifamily investment firm, has completed the acquisition of The Onyx, a 63-unit community in the Las Vegas Strip submarket. 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. CRA purchased The Onyx from Copulos Group in March 2019 for $14 million or $222,000 per unit.
“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.”
Since 2016, CRA has acquired more than 1,657 units in the Las Vegas market. The company 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 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.
“The Onyx is a unique and well-built property on top of a world-class resort destination. The Strip has over $16 billion in construction developments underway. These projects are expected to create nearly 45,000 permanent jobs by 2020,” said chairman & CEO of CRA David Snyder. “Clearly, The Onyx is positioned in the path of future demand. We continue dedicating significant resources to southwest markets like Las Vegas and are thrilled to add this gemstone to our Las Vegas multifamily portfolio. “
The Onyx would benefit tremendously 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 billion 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.
About Continental Realty Advisors
Continental Realty Advisors (“CRA”), an owner, asset manager, and institutional fund sponsor, was founded in 1981 and has solely focused on investment in the multifamily segment of real estate. The company is an institutional fund investor and expects to acquire over $1 billion in assets over the next several years. CRA is currently acquiring multifamily assets on a nationwide basis. CRA has the ability to close on an all-cash basis within very quick time limitations.