LAS VEGAS, NV – 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 bought the site in 2015 and started 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-plotted 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 plot, making a right 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-plotted 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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RICHMOND, VA – Capital Square Apartment REIT announced its acquisition of Sapphire at Centerpointe, a Class A, 192-unit multifamily community in Midlothian, a suburb of Richmond, Virginia.
“Sapphire at Centerpointe is a highly amenitized, Class A multifamily community,” said Louis Rogers, founder and chief executive officer of Capital Square. “This newly constructed community leased-up and stabilized rapidly, a testament to the quality of the community and the strength of the submarket.”
Sapphire at Centerpointe was constructed in 2020 and features one-, two- and three-bedroom units, which are currently 97 percent leased. Community amenities include a resort-style pool, expansive sundeck, pocket parks and a 24/7 fitness center with state-of-the-art cardio and weight training equipment. Additional amenities include quick-charge electric car charging stations, a 24/7, video-monitored package room, a fenced dog park and garage parking.
“Sapphire at Centerpointe is a premium multifamily community located in a thriving area with a strong demographic profile, including a highly educated population and elevated median area household income,” said Whitson Huffman, chief strategy and investment officer. “The community is experiencing substantial rent growth as original lease concessions burn off and rents increase on unit rollovers and renewals.”
Located at 14250 Sapphire Park Lane, near Richmond, the community offers residents convenient access to a diverse employment base, as well as dining and retail options. Sapphire at Centerpointe is located directly off of Route 288, Richmond’s beltway, which provides residents quick access to Interstates 64, 95 and Powhite Parkway. The property is approximately 18 miles from downtown Richmond and the Small Pump submarket.
The Richmond multifamily market was considered the COVID-era winner, with the strongest quarterly asking rent gains of any major market in the country during the second quarter of 2020, according to CBRE. The city has a diverse employment base, which includes 10 Fortune 1000 companies and seven Fortune 500 headquarters.
Alexandra Huffman, Justin Nelson and Lynn Pearson with Walker & Dunlop sourced the acquisition loan, which has a 10-year term and a 3.16% fixed interest property loan rate.
Since the company was founded, Capital Square has bought 129 real estate assets for over 3,000 investors seeking stable cash flow and capital appreciation.

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BONITA SPRINGS, FL – TerraCap Management, a privately held investment firm with its headquarters in Naples, Florida, announced the acquisition of Versol Apartments for $70.35 million. Ideally located in Bonita Springs, the 240-unit property was built in 2020 and is currently 100% leased.
Steve Hagenbuckle, Founder and Managing Partner of TerraCap said, “Versol being new and in the heart of Southwest Florida was of fantastic appeal to us. Its vacation destination location will allow us to offer creative custom leasing programs for full time and part time residents as well as tourists. All of this with an eye on value creation. The transaction was professionally managed, as usual, by the JBM team.”
Versol Residences features spacious one, two, and three-bedroom units with average unit sizes just under 1,100 square feet. The unit interiors feature quartz counter and vanity tops, shaker-style cabinetry, stainless steel appliances, tile backsplash, faux wood plank flooring in the living areas, nine-foot ceilings, large windows, and a washer and dryer in each unit. Common area amenities include a clubhouse with a coffee/tea bar and a kitchen, a swimming pool, an outdoor kitchen with gas grills, a fire pit, a fitness center, a bocce court, a dog park, package receiving, and dry cleaning drop off.
The city of Bonita Springs, where the property is located, has seen over a 35% increase in population since 2010. The property is located just off U.S. 41 and is minutes from nearby Barefoot Beach. “We saw this as an opportunity to buy a unique property in our own backyard,” said Steve Excellent, National Director of Acquisitions for TerraCap. “The apartments are quality construction with top-notch amenities and location. There is high-end retail shopping with Coconut Point to the north, Mercato to the south, the beach to the immediate west, and access to I-75 to the east. Its location, in our opinion, cannot be matched.”
The seller, Milhaus, was represented by Jamie May of JBM. Milhaus was retained as property manager.

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