A quiet mid-rise just off the Strip has cashed in on the Vegas stadium buzz. The Onyx, a 63-unit apartment building a short walk from the future A’s ballpark on the Tropicana site, changed hands in March, underscoring how investors are already jockeying for position around the coming redevelopment. The deal adds to a steady trickle of small multifamily sales near the stadium site as construction planning moves forward.
What sold and who bought it
According to the Las Vegas Review-Journal, Long Beach-based Alpha Pacific Capital paid about $18.6 million for The Onyx, with the sale recorded in March. Buyer Robert Alexander said in a statement to the Review-Journal that his team is "very excited about the acquisition" and that the "location speaks for itself." In other words, they are betting the ballpark boom will do some heavy lifting on returns.
The property at a glance
The Onyx is a four-story, 63-unit community built in 2008, with oversized floorplans that average more than 1,200 square feet. The complex is marketed with a fitness center, a resort-style pool, and a clubhouse and game room, according to the property's marketing materials. A broker flyer also highlights roughly $1.1 million in recent capital reinvestment and leans hard on the building's location next to the Bally's redevelopment and the future A's site. Those details appear on the marketing page at Crexi.
Price jump since 2019
The Onyx last traded in 2019 for roughly $14 million, according to industry reporting, which makes the latest price an approximate 33 percent increase over that prior sale. The 2019 transaction was reported by Multi-Housing News, which also lists the earlier buyer and financing details. For a relatively small building, that is a solid appreciation in less than a decade, even by Vegas standards.
Close to the ballpark
The Onyx sits within walking distance of the former Tropicana site, where the Athletics are building a 33,000-seat, climate-controlled ballpark projected to cost about $2 billion and targeted to open in 2028, according to reporting in Forbes. That proximity is a major reason small multifamily properties in the area have started to look more like long-term plays than sleepy holdovers from an earlier Strip.
Why the buyer may have paid up
Alpha Pacific Capital describes itself as an institutional-grade multifamily investor that targets stabilized cash flow and value-add opportunities, according to the firm's website. That strategy points to upgrades and tighter management rather than immediate redevelopment. The company's public pitch, outlined at Alpha Pacific Capital, echoes Alexander's focus on location and suggests that yield-seeking investors are willing to pay a premium for properties closest to the Strip's transformative projects.
For tenants at The Onyx, the sale does not mean instant upheaval. It does, however, bring in a new owner that may slowly roll out renovations and rent resets over time, especially as the stadium timeline firms up. With the A's ballpark aiming for a 2028 debut, smaller deals like this one are shaping up as early tells for how the surrounding blocks could reprice, remodel, and eventually redevelop.
