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6/04/21
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In a notable multifamily buy out of LasVegas, Keller Investment Properties paid $115 mil for Tuscan Highlands, a newly-constructed, 304-unit Class A multifamily residential community. At $378.3k per unit, we’re told that the sale represents one of the highest sales values for residential units in the booming Southern Nevada market to date.
The property was sold by a partnership between Watt Companies and Schulman Companies. 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 community features 304 apartments ranging from studios, one-to-two bedrooms, loft-style homes, and townhomes. Units range from 503 sf to 1.3k sf in size. 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.
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 mil.
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.
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