Apartment complex near Las Vegas Strip sells for $14M

Continental Realty Advisors announced that it purchased The Onyx, a 63-unit apartment complex near the Las Vegas Strip for $14 million last month. (Courtesy Continental Realty Advisors)

A small apartment complex near the Strip has sold for a big value.

Continental Realty Advisors announced Tuesday that it purchased The Onyx, a 63-unit complex a short walk from the Tropicana, last month for $14 million.

The sales price comes to $222,222.22 per unit. By comparison, investors last year paid an average of $129,429 per unit for Southern Nevada apartment complexes, according to brokerage firm Colliers International.

Las Vegas Valley apartment complexes often span at least 200 to 300 units each.

The Onyx, 5150 Duke Ellington Way, was originally developed as a for-sale condo complex, but construction finished just before the market crashed, according to Robert Ireland, CRA’s director of acquisitions.

The four-story building features secured-access parking, elevators, stainless-steel appliances and granite countertops, CRA said in its news release.

Colorado-based CRA said Tuesday that it has acquired more than 1,657 units in the Las Vegas area since 2016.

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.

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