Berkadia is pleased to present Sonata, a differentiated 312-unit multifamily opportunity in North Las Vegas — one of the fastest-growing and most supply-constrained submarkets in the Las Vegas MSA. Built in 2009 and professionally maintained, Sonata offers institutional-quality construction, thoughtful site planning, and durable long-term positioning that remains increasingly difficult to replicate within the competitive set.

Positioned along the I-15 corridor, Sonata places residents within a 30-minute commute of over one million jobs anchored by one of the region’s most resilient and diversified employment bases — spanning healthcare, government, military, education, logistics, and advanced manufacturing. North Las Vegas is experiencing one of the most compelling growth trajectories of any city in the country — ranked #1 in Nevada and #12 nationally for population growth, and anchored by billions in transformative development investment including the 18,000-acre Apex Industrial Park and the $600M Hylo Park— rapidly evolving into a premier live-work destination with a diversifying employment base and virtually no new supply.

The broader Las Vegas MSA further amplifies this outlook — ranked #1 nationally for both overall job growth and tech employment growth in 2026, supporting over 1.07 million total jobs across an increasingly diversified economy. Job creation is outpacing multifamily permitting by 5.5x, creating a structural supply-demand imbalance and positioning the market for long-term outperformance. This trajectory is further reinforced by several transformative developments on the horizon: the city’s first freestanding children’s hospital and the new A’s MLB stadium. Las Vegas is also a frontrunner for an NBA expansion franchise — the NBA Board of Governors has approved exploration of expansion to Las Vegas, with a new team projected to join the league as early as the 2028–29 season — a move that would cement Las Vegas among an elite group of markets hosting all four major professional sports leagues. This transformation is redefining Las Vegas, evolving from a purely tourism-driven destination into a true “home-team” city.

Sonata reflects institutional-quality construction, site planning, and physical durability that stands apart within North Las Vegas, offering a resort-style pool and spa, fitness center, clubhouse, business center, detached garages, and beautifully maintained grounds with lush landscaping and mature trees. Efficient one- and two-bedroom floorplans averaging 904 square feet feature 9-foot ceilings, walk-in closets, in-unit washers and dryers, and private patios or balconies — delivering an elevated residential experience. With minimal interior renovations to date, a new owner has a clean canvas to design and execute a cohesive value-add strategy, positioning Sonata as one of the submarket’s most durable and well-positioned multifamily communities.

North Las Vegas presents a rare entry point — a submarket with proven outperformance acquiring at a moment of reset pricing following peak-to-trough rent compression. Rents at Sonata have corrected from prior highs and recent stabilization signals the market is bottoming, creating an opportunity to acquire at a basis that reflects the trough rather than the peak. RealPage ranks North Las Vegas among the Top 3 submarkets in the Las Vegas MSA for rent growth — with projected annual growth of 3.8% from 2027 through 2030 positioning today’s acquisition for meaningful upside as the recovery cycle matures.

North Las Vegas has rapidly emerged as the primary engine of population growth in Nevada, capturing an outsized share of new residents and materially outperforming the broader market. Between 2020 and 2025, the city posted 14.3% population growth — the largest percentage gain among major municipalities in the state — with more than one out of every four new Nevada residents relocating to North Las Vegas, ranking the city #12 nationally among cities with populations over 100,000.

Sonata offers exceptional I-15 connectivity, positioning residents within a 30-minute commute of over one million jobs across the Las Vegas Valley — including the Las Vegas Strip, Apex Industrial Park, Nellis Air Force Base, Las Vegas Medical District, UNLV, the College of Southern Nevada, and the government and education employment base anchored in downtown North Las Vegas. Residents benefit from proximity to one of the region’s most diversified employment ecosystems spanning logistics, healthcare, advanced manufacturing, education, tourism, and professional services.

North Las Vegas is benefiting from a wave of transformative developments reshaping the submarket into a more dynamic, employment-driven economy — anchored by the 18,000-acre Apex Industrial Park, the $600M Hylo Park mixed-use development, and the NLV Gateway redevelopment anchored by the NSU North Las Vegas Campus. Collectively representing billions of dollars in investment and thousands of new jobs, these projects are attracting significant capital and directly supporting continued household formation, renter demand, and long-term rent growth.

Ranked #1 nationally for both overall job growth and tech employment growth in 2026, the Las Vegas MSA supports over 1.07 million total full-time jobs and is home to more than 4,000 technology-related businesses. This sustained expansion has created a pronounced supply-demand imbalance — job creation is outpacing multifamily permitting by approximately 5.5x, with no meaningful near-term pipeline in North Las Vegas. Combined with strong in-migration and household formation, this structural gap is placing sustained upward pressure on occupancy and rents across the market.