(Read more on the multifamily market.)
LAS VEGAS-Principal Real Estate Investors and JB Matteson Institutional Capital Partners LLC have jointly acquired Reflections at the Lakes, a 326-unit multifamily property on the western edge of the city. The purchase price was approximately $39 million. The seller was an LLC managed by Matteson Real Estate Equities Inc. that acquired the asset in 2004 for approximately $23 million.
Located eight miles west of the Strip at the southwest corner of Sahara Avenue and Grand Canyon Drive, Reflections at the Lakes consists of one- and two-bedroom units in 31 two-story buildings with pitched tile roofs and stucco exteriors. The property sits on 13.6 acres and the total rentable area is 277,080 sf, which equates to an average unit size of 850 sf. Community amenities include a clubhouse with fitness center, two pools and covered parking.
Principal Real Estate Investors is the real estate investment arm of Principal Global Investors, a member of the Principal Financial Group. JB Matteson Institutional Capital Partners, a partnership of Matteson Cos. principals and investor John Bellack, was formed in 2006 to provide investment management services to institutional investors. Matteson Real Estate Equities was founded in 1995 as an investment vehicle for the principals of Matteson Cos., the chief operating company under the Matteson umbrella.
Bellack says the company will employ its standardized renovation program to bring the unit interiors and clubhouse to class A standards. "Between the strong market fundamentals and the high quality improvements, we think the property will be very successful," he says.
Reflections at the Lakes is the second acquisition in Las Vegas by the Principal/JB Matteson joint venture. In February 2007, the venture closed on the acquisition of Entrata di Paradiso apartments, a 480-unit development for which it paid $55 million.
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