CEDARst Cos. Breaks Ground on $82M Las Vegas Community

The 236-unit property will be the first residential development in the Las Vegas Medical District.

CEDARst Cos. is expanding its Las Vegas portfolio with the groundbreaking of The Presley, an $82 million, 236-unit, seven-story multifamily community being built in the heart of the Las Vegas Medical District. The project is expected to open in the spring of 2026.

The Chicago-based developer firm is financing the 275,000-square-foot project with a $56 million construction loan provided by North River Partners and funds managed by AB CarVal. Berkadia arranged the financing.

Booth Hansen is the project’s architect and OS Construction will be the general contractor.

The Presley will be CEDARst’s second Las Vegas property and is one of eight active or upcoming developments in the firm’s expanding Western pipeline. The company is slated to deliver The Myles, a 311-unit asset in the Las Vegas Arts District in the spring of 2026. CEDARst and joint venture partner Bridge Investment Group broke ground on that project, then known as Flat Arts District, in May 2024. The $112 million ground-up multifamily development marked the third collaboration between CEDARst and Bridge Investment Group. The two companies teamed up in October 2021, intending to develop properties in Qualified Opportunity Zones across the U.S. The Presley is the 10^th Qualified Opportunity Zone development built by CEDARst.

The company stated that it is currently planning, developing or managing QOZ projects with about 1,600 units totaling more than $500 million across Las Vegas, Chicago, San Diego and South Florida.

Closer look at The Presley

The Presley will be the first residential community to be built in the Las Vegas Medical District. Will Murphy, CEO & managing partner at CEDARst Cos., said in a prepared statement the project is part of the long-term evolution of the neighborhood. As one of Las Vegas’ fastest-growing economic engines, the Medical District has attracted significant investment in clinical, academic and research facilities, Murphy noted.

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Located at the intersection of Alta and South Tonopah drives on 1.12 acres, the community will have a mix of studios, one- and two-bedroom units. A portion of the apartments will be designed as affordable housing. The exact number was not disclosed.

Amenities will include a fitness center, a coworking lounge, a golf simulator and a rooftop pool deck overlooking the district.

Expanding portfolio

CEDARst also announced Monday it had completed the $34.6 million acquisition of The Weyland, formerly known as A.M. 1980 Apartments, a seven-story, 132-unit community located at 1980 Milwaukee Ave. in Chicago. Delivered in 2018, the property is located between the Bucktown and Logan Square neighborhoods and has 6,245 square feet of ground-floor retail.  Amenities include a fitness center, a dog run and a rooftop deck with views of Lake Michigan and the Chicago skyline.

The Weyland is the company’s second Chicago purchase this year, following the July acquisition of The Millie on Michigan, a newly built, Class A, 47-story, 289-unit multifamily property in the Chicago Loop. The asset has 25,000 square feet of retail space with amenities such as a coworking space, a fitness center, a dog run and integrated smart home features.

CEDARst now owns and operates more than 5,000 units in Chicago.

In March 2024, CEDARst refinanced The Duncan, a 260-unit community in the West Loop neighborhood at 1515 W. Monroe St. with a $44 million CMBS loan from Citigroup, also arranged by Berkadia. The company had redeveloped the apartment community four years earlier, delivering it during the height of the pandemic. The first mortgage loan totaled $51.5 million.

Earlier that year, CEDARst and Quartz Lake Capital announced plans to build FLATs Bancroft, a $103 million, 218-unit multifamily property in San Diego. The community is located at 3750 and 3794 Bancroft St. and is expected to come online in May 2026.

CEDARst’s portfolio spans eight states, with a focus on the West Coast, Upper Midwest and South Florida. The firm, which also has offices in San Diego and Miami, has developed and acquired more than 10,000 residential units, representing more than $4 billion in total asset value.

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