Back To News
February 19, 2024

$112M Project Eyed in Vegas

By Editor Multi-Family News

Multi-Housing News

CEDARst Cos., in a joint venture with Bridge Investment Group, has acquired a 2.3-acre parcel in the Las Vegas Arts District with plans to develop the Flats Arts District, a $112 million, 311-unit podium multifamily community located in a qualified opportunity zone. It is the third ground-up multifamily project pairing CEDARst and Bridge Investment, and the fourth qualified opportunity zone development undertaken by CEDARst. Demolition of existing structures is starting immediately, with a groundbreaking slated for this month.

“Fully capitalizing deals of this scale in this market is the obvious challenge,” Mark Heffron, chief development officer at CEDARst told Multi-Housing News.

“Only the highest-yielding deals in the best markets are getting any level of attention. Between the Arts District location and the overall development plan with timeless design and an amenity package that will compete with any in the market, we were able to thread the needle required to get projects off the ground in a down market,” Heffron added.

Flats Arts District will feature approximately 5,100 square feet of retail space on the ground floor. Within the multifamily component, renters will have a selection of 86 studio units, 185 one-bedroom apartments, 38 two-bedroom residences and two three-bedroom apartment homes.

Features and finishes of the apartments will include keyless entries, smart home systems, in-unit washers and dryers, private balconies and state-of-the-art appliances. Common-area amenities will include spa facilities with water circuitry and saunas. The development’s will also include 317 parking stalls.

Also known as 18b for the number of blocks that originally made up the area, Las Vegas Arts District is a cultural center where converted warehouses are home to independent art galleries, art studios, antique shops, theaters and performance spaces. The district is also known for funky bars, as well as independently owned eateries and shops.

Las Vegas Arts District is located less than five miles northeast of the famed Las Vegas Strip. Flats Arts District will fill an infill site at 123 West Imperial, and will be the first Class-A apartment community situated directly within 18b. The development’s first units are expected to be delivered in the Fourth Quarter of 2025.

The partnership of CEDARst and Bridge has undertaken a current evaluation of QOZ availability in markets outside Vancouver, San Diego and Las Vegas. A recent Las Vegas multifamily market report found fundamentals softening through much of 2023.