Howard Hughes Holdings Sells Multiple Acres of Summerlin Land to Housing Developers for Over $100 Million
LAS VEGAS, NV – Howard Hughes Holdings, the developer of Summerlin, has sold nearly 60 acres of land located within the borders of Las Vegas’ largest master-planned community to housing developers, spread out over two separate transactions worth over a combined total of $100 million.
Both of the two sales closed on Tuesday, according to public property records. The first sale was to Richmond American Homes, who purchased a 36.3-acre parcel of property from Howard Hughes Holdings for $55 million, which comes out to over $1.5 million per acre.
The developer plans to utilize the land to build new housing tracts, with plans already drawn up for an 89-lot subdivision of single-family homes.
The second sale was to Toll Brothers – a company that specializes in luxury home construction – who purchased 28.3 acres of land for $1.8 million an acre, which comes to a total of $51.4 million, as per public records. Toll currently is planning to use the land to build 148 high-end housing units.
The property sold in both of the deals this week is situated west of the 215 Beltway-Summerlin Parkway interchange in the desert.
Located along the Las Vegas Valley’s western side, Summerlin is comprised of 22,500 acres and is home to approximately 130,000 inhabitants, as well as homes and rental units there are currently fetching some of the highest prices in the region.
Howard Hughes Holdings, based in Texas, takes its name from the famed aerospace engineer, business magnate, film producer, and investor; he purchased the community’s initial 25,000 acres – which he originally named “Husite” – in 1952. The community is named after Jean Amelia Summerlin, Hughes’ mother, and years later, Summerlin would go on to become the largest master-planned community in Las Vegas.
Shelter Realty Property Management specializes in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.
Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management