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LAS VEGAS-Principal Real Estate Investors and JB MattesonInstitutional Capital Partners LLC have jointly acquiredReflections at the Lakes, a 326-unit multifamily property on thewestern edge of the city. The purchase price was approximately $39million. The seller was an LLC managed by Matteson Real EstateEquities Inc. that acquired the asset in 2004 for approximately $23million.

Located eight miles west of the Strip at the southwest corner ofSahara Avenue and Grand Canyon Drive, Reflections at the Lakesconsists of one- and two-bedroom units in 31 two-story buildingswith pitched tile roofs and stucco exteriors. The property sits on13.6 acres and the total rentable area is 277,080 sf, which equatesto an average unit size of 850 sf. Community amenities include aclubhouse with fitness center, two pools and covered parking.