LAS VEGAS, NV – Watt Companies, a leading commercial and residential real estate development and investment company, together with its partner Schulman Companies, has sold the newly built Class A apartment building Tuscan Highlands to Keller Investment Properties for $ 115 million. Watt acquired the property in 2015 and began construction on the more than 15 hectare property in 2018. The property, completed at the end of 2020, is located in the Southern Highlands master plan community in the Las Vegas foothills.
The sale represents one of the highest sales values to date for residential units in the booming market in southern Nevada.
The community has 304 apartments ranging from studios, one- to two-bedroom, loft-style homes, and townhouses. The units range from 503 to 1,341 square feet. The community has a multi-million dollar landscaping plan that will create a true oasis for residents.
A central element of the development is a range of state-of-the-art resort-style amenities, including a clubhouse with an on-site restaurant and bar, a saltwater pool with cabanas, fitness and wellness area, work-from-home area and temperature-controlled lockers for grocery deliveries, amongst other things. The property also has an on-site concierge, as well as a wellness and fitness director.
"We are very excited to complete the development of Tuscan Highlands, a truly dynamic community in the coveted Southern Highlands community," said Nadine Watt, CEO of Watt Companies. “When Watt chairman Scott Watt saw the site for the first time, he knew it would be a place where residents really feel like they are living in a resort, with everything they need or want, right out of the box at home. This vision has never been as relevant as it was last year and we are excited to see the community come to life and serve the people of southern Nevada as a state-of-the-art community that prioritizes wellness and work-life balance. "
Watt Companies has a long track record in Las Vegas, dating back to the late 1940s when Ray Watt built his first hotel project in the city. He developed or bought several shopping centers in the area, and Watt Companies remains an active investor in retail and residential real estate in Las Vegas to this day.
Tuscan Highlands development follows the development and sale of South Beach, a 202-unit condominium in the southwest Las Vegas Valley, near downtown Summerlin. South Beach is known for its unique amenities like indoor and outdoor gyms, sand volleyball, steam and sauna rooms, pool cabanas, and more. Watt sold the property in 2018 for $ 62 million.
The Southern Highlands community is 10 miles south of the Las Vegas Strip and is consistently recognized as one of the best-planned communities in Las Vegas in the Best of Las Vegas Awards, an annual poll conducted by the Las Vegas Review-Journal.