5150 DUKE ELLINGTON WAY Paradise NV 89119

Link to Berkadia’s Property Landing Page: https://clientportal.berkadia.com/opportunities/006Pf00000cT2WnIAK

Berkadia is pleased to present The Onyx, a boutique 63-unit community offering oversized floor plans averaging 1,243 square feet. Built in 2008, The Onyx caters to renters by choice seeking high-end living and proximity to the energy of the Las Vegas Strip. The property’s irreplaceable location sits proximate to Bally’s $3B major mixed-use redevelopment and the future Las Vegas A’s stadium – positioning residents at the center of the city’s next major entertainment and employment hub. With pricing well below replacement cost, investors have the rare opportunity to acquire a stabilized, cash-flowing asset with long-term appreciation potential in one of the nation’s most dynamic markets.

Substantial Capital Infusion

• The Onyx Apartments has benefited from capital improvements totaling ±$1.1M, primarily reinvested in asset preservation projects across its amenity set, curb appeal, and overall resident experience. Interiors have been strategically updated to maintain competitiveness while allowing for further modernization, enabling additional rent premiums supported by new construction headroom and the catalytic impact of Bally’s transformative project next door. In a market where quality is increasingly valued, The Onyx Apartments is well-positioned to attract renters seeking upgraded living spaces, offering a compelling opportunity for future enhancements that can drive faster leasing and higher resident retention.

Irreplaceable Location Offered Below Replacement Cost

• Situated adjacent to Bally’s new mixed-use landmark development and the forthcoming Las Vegas A’s stadium, The Onyx Apartments sits at the nexus of billions in new investment that will redefine the southern Strip Corridor. The community is individually parceled, allowing for a dual-exit strategy encompassing both for-rent and for-sale opportunities, thereby enhancing its investment appeal. The Onyx Apartments presents a unique opportunity to acquire a high-quality 2008-vintage asset at a substantial discount to replacement costs, ensuring robust in-place cash flow and significant long-term value potential.

2008- Vintage, Boutique Community with Oversized Residences

• The Onyx features 63 units averaging an exceptional 1,243 SF – nearly 30% larger than the metro average – offering a boutique living experience designed for renter’s by choice seeking premium space. Residents enjoy a full-slate of community amenities including a resort-style pool & spa, fitness center, clubhouse lounge, outdoor BBQ area, and carport and secure-podium garage parking.

Record Airport Traffic and Transformative Strip Redevelopment

• Harry Reid International Airport continues to rank among the nation’s busiest, serving 58 million passengers in 2024 and sustaining near-record volumes, underscoring Las Vegas’s enduring global appeal. Simultaneously, the Strip is undergoing a once-in-a-generation transformation, highlighted by Fontainebleau’s debut, Hard Rock’s $1.5 billion redevelopment of the Mirage, and Bally Corp’s $3B Tropicana redevelopment.

Expanding and Diversifying Las Vegas Economy

• Las Vegas continues to attract new investment beyond gaming and hospitality, driven by growth in the sports, technology, and healthcare sectors. The city ranked 5^th nationally for startup investment growth rising as a thriving tech hub. Major projects include the city’s first freestanding children's hospital, and the Las Vegas A’s stadium, securing four major league teams. This transformation is redefining Las Vegas, evolving from a purely tourism-driven destination into a "home-team" city.