LAS VEGAS--(BUSINESS WIRE)--Watt Companies, a leading commercial and residential real estate development and investment company, along with partner Schulman Companies, has sold newly-constructed Class A multifamily residential community Tuscan Highlands to Keller Investment Properties for $115 million. Watt acquired the site in 2015 and began ground-up construction on the more than 15-acre property in 2018. The property, which was completed in late 2020, is located in the Southern Highlands master-planned community in the foothills of Las Vegas.
The sale represents one of the highest sales values for residential units in the booming Southern Nevada market to date.
The community features 304 apartments ranging from studios, one-to-two bedrooms, loft-style homes, and townhomes. Units range from 503 to 1,341 square feet. The community features a multi-million dollar landscaping plan, creating a true oasis for residents.
A central piece of the development is an array of cutting-edge resort-style amenities including a clubhouse with an onsite restaurant and bar, a saltwater pool with cabanas, fitness and wellness space, work-from-home space, and temperature-controlled lockers for grocery delivery, among other amenities. The property also features an onsite concierge and wellness and fitness director.
“We are thrilled to complete the development of Tuscan Highlands, a truly dynamic community in the highly coveted Southern Highlands community,” said Nadine Watt, CEO of Watt Companies. “From the first time Watt Chairman Scott Watt saw the site he knew it would be a place that residents could truly feel that they live in a resort, with everything they need or want available right at home. That vision has never been more relevant than this past 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 its founding in the late 1940s, when Ray Watt built his first hotel project in the City. He went on to develop or buy several shopping centers in the area, and Watt Companies has remained an active investor in retail and residential properties in Las Vegas to this day.
The development of Tuscan Highlands follows the development and sale of South Beach, a 202-unit residential community in southwest Las Vegas Valley, near Downtown Summerlin. South Beach is known for signature amenities including 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 located 10 miles south of the Las Vegas strip and is consistently featured as one of the best master-planned communities in Las Vegas in the Best of Las Vegas awards, an annual poll conducted by the Las Vegas Review-Journal.
About Watt Companies
Watt Companies was formed in 1947 and had its origins in home-building Southern California markets. In time, the organization grew through the successful completion of numerous large-scale residential housing projects, high-rise office buildings, hotels, industrial parks, and drug/grocery-anchored shopping centers. Today, the company owns and manages a portfolio of over six million square feet of commercial real estate. In addition to its direct investments, Watt Companies has had a track record of success through its sponsorship of numerous real estate ventures and operating platforms which has included an investment in John Laing Homes and a partnership with Centro Properties Group US.