CEDARst Cos. Launches $82 Million Project as First Residential Asset in Las Vegas Medical District

CEDARst Cos. launches The Presley, an $82 million, 236-unit multifamily project marking the first residential development within the Las Vegas Medical District.

By: AXL Media

Published: Mar 12, 2026, 11:21 AM EDT

Source: https://www.multihousingnews.com/

Financing and Strategic Western Expansion

The Presley is a 275,000-square-foot project funded through a $56 million construction loan provided by North River Partners and funds managed by AB CarVal, with Berkadia facilitating the arrangement. This development is part of a significant Western push for CEDARst, which currently has eight active or upcoming projects in its pipeline. The Presley also marks the 10th Qualified Opportunity Zone (QOZ) development for the firm, which manages more than $500 million in QOZ projects across the United States.

A Residential Pioneer in the Medical District

Located at the intersection of Alta and South Tonopah drives, The Presley is designed to serve the rapidly expanding workforce of the Las Vegas Medical District. Traditionally focused on clinical, academic, and research facilities, the district has lacked high-quality on-site housing. CEDARst CEO Will Murphy emphasized that the project is a crucial step in the neighborhood's evolution, providing housing for the thousands of medical professionals and students anchored in the area. The community will feature a mix of studios, one-, and two-bedroom apartments, including a designated portion of affordable housing units.

Modern Design and Resident Programming

Architectural firm Booth Hansen has designed a seven-story structure that balances urban density with luxury amenities. Residents will have access to a fitness center, a specialized coworking lounge, and a golf simulator. The standout feature is a rooftop pool deck offering panoramic views of the district and the surrounding Las Vegas landscape. OS Construction is serving as the general contractor for the site, which spans 1.12 acres and is scheduled to open its doors in the spring of 2026.