Continental Realty Buys Vegas Community
- Apr 02, 2019
Continental Realty Advisors has completed the $14 million purchase of The Onyx, a 63-unit Class A community in Las Vegas. According to Yardi Matrix, the seller was a private investor. HFF provided $9.3 million in acquisition financing through Freddie Mac. The loan matures in 2026.
Located at 5150 Duke Ellington Way in the Las Vegas Strip submarket, the four-story building is positioned alongside the northwestern side of McCarran International Airport. The community is half a mile east of the Strip, and nearby public transportation connections link the location to the wider metro area.
The Onyx, constructed in 2008, contains one- and two-bedroom apartments and two- and three-bedroom townhouse units, with floorplans ranging from 767 to 2,276 square feet. The community’s amenity mix includes garage parking, a swimming pool, a 24-hour fitness center and a game room. The asset was 93.7 percent occupied as of February, per Yardi Matrix data.
Earlier this year, Continental Realty sold one of its assets in the area for more than $61 million, a 400-unit community approximately 9 miles east of The Onyx.