Watt Cos. has sold Tuscan Highlands, a 304-unit new construction apartment community in the greater Las Vegas area, for $115 million to Keller Investment Properties. The price represents one of the highest per-unit values to ever trade in the Southern Nevada market.

Watt Cos. has been operating in the Las Vegas market since the 1940s. The company purchased the 15-acre land site for Tuscan Highlands in 2015, and it began construction in 2018. The property delivered in 2020 in the middle of the pandemic. Prior to this development, Watt built and sold the 202-unit South Beach for $62 million in 2018.

Watt Cos. isn't the only apartment investor bullish on the market. Nevada has already seen a slew of impressive transactions this year. In April, Tower 16 Capital Partners sold a three-property apartment portfolio in Las Vegas for $182 million to an undisclosed buyer. The properties within the portfolio are the 540-unit, Accent on Rainbow at 6666 W. Washington Ave., the 313-unit, Accent on Decatur at 2950 S. Decatur Blvd. and the 312-unit, Accent on Sahara at 4801 E. Sahara Ave. Each of the multifamily communities feature at least two pools, a gym, a clubhouse and outdoor amenities.