Schulman Opens High-End Las Vegas Community
- Sep 01, 2020
Schulman Properties has opened a new 304-unit apartment community in Las Vegas that offers high-end amenities including a wine garden and e-sports arena. Tuscan Highlands, located in the Southern Highlands master-planned community, about 9 miles south of the Strip, is managed by Pinnacle Property Management and is currently leasing apartments and scheduling virtual tours.
The launch of the community comes as the tourism-dependent Las Vegas economy slowly recovers from the shocks of the coronavirus pandemic. Many of the major hotel casinos have reopened after being shuttered as a safety measure in March. The Las Vegas metro gained 12,000 jobs from June to July, an increase of 1.3 percent, according to data from the State of Nevada.
“The local market is obviously being hit by COVID-19 and the dramatic slowdown in the resort casinos,” Bob Schulman, founder & chairman of Schulman Properties commented to Multi-Housing News. “That being said, I am hearing that business is better than expected in the casinos and would expect that Labor Day will be strong.”
Tuscan Highlands is designed as a resort-style destination in its own right. Located at 12656 Southern Highlands Parkway, the 26-building community features amenities including a more than 21,000-square foot Resort Hall that houses an oversized gym and spa, an Italian-inspired Becca’s Restaurant & Lounge, a sports bar and a tournament-ready digital gaming lounge.
Also part of the amenity package are concierge services, a saltwater pool with cabanas, outdoor multi-use courts and a YouTube/podcast studio. The community offers one- and two-bedroom, studio and loft-style apartments as well as carriage-style units with an attached garage, ranging from 503 to 1,341 square feet.
Rents for the available units listed on the property website range from $1,275 to $3,015, depending on the floorplan. A handful of residents have already moved in, Schulman Properties said, while the Resort Hall is slated for full completion around mid-September.
CapitalSource, a division of Pacific Western Bank, provided a $41.1 million construction loan for the project in late 2018. The larger Southern Highlands development by Olympia Cos. encompasses 2,750 acres just west of Interstate 15. Developed with an investment of more than $200 million, the master-planned neighborhood includes more than 20 individual communities and is slated to eventually accommodate more than 25,000 residents.