Lyon Breaks Ground on 366-unit Asset

Lyon Communities begins a Silicon Valley development; San Antonio Commercial Advisors arranges a 288-unit sale; and HFF secures $19.5 million in financing for student housing.

Apex

Milpitas, Calif.—Newport Beach-based Lyon Communities has begun building Apex, a 366-unit asset that should open in the spring of 2013 in Milpitas, Calif. The asset is located just a few blocks from The Great Mall of the Bay Area, which is the second-largest retail mall in the region.

“Apex is a brand-new community unlike any rental opportunities in the region,” says Suzanne Maddalon, executive vice president of Lyon Communities. “Our goal is to create a very special community for our residents by providing an environment with amenities and features that appeal to the active lifestyle enjoyed by Silicon Valley residents.”

Units will range between 581 to 1,450 square feet in one-, two- and three-bedroom configurations. Amenities will include a pool and spa with lounging areas and private cabanas, an outdoor entertainment area with a TV wall, a fitness center, movie theater, billiards and game room, demonstration kitchen and a Wi-Fi café.

San Antonio Commercial Advisors completes a 288-unit sale

La Mirage

San Antonio, Texas—San Antonio Commercial Advisors, an independently owned and operated member of the Cushman & Wakefield Alliance, has completed the sale of La Mirage apartments. The 280-unit institutional grade asset is located at 8050 Oakdell Way in San Antonio’s South Texas Medical Center submarket.

“The sale of La Mirage required assumption of the existing loan that was not as favorable as available new financing,” says Scott Weems of San Antonio Commercial Advisors Multifamily group. “We had to make sure that the buyer had a clear understanding of the potential that the property presented through value-add improvements. We crafted a solution that brought supplemental financing and a clear roadmap to generate additional income and were able to attract a broad group of bidders from around the country.”

HFF secures $19.5 million financing for student housing

Irvnie, Calif.—HFF announced that it has secured $19.5 million in acquisition financing for Tiger Manor, a 287-unit student housing community serving Louisiana State University in Baton Rouge, La.

HFF worked exclusively on behalf of Stirling Properties Inc. to secure the 10-year fixed-rate securitized loan through Natixis Real Estate Capital LLC.

Situated one block north of the Louisiana State University campus, Tiger Manor is located at 3000 July Street to the west of Highland Road in Baton Rouge. The property, which is 93 percent occupied, provides convenient access to school, shopping, restaurants and other entertainment, in addition to a campus shuttle service.

The HFF team representing the borrower was led by senior managing director Kevin Mackenzie and associate director Jim Curtin.

Headquartered in Covington, La., Stirling Properties Inc. is a commercial real estate firm offering services including commercial brokerage, project management, property and asset management and investment sales and acquisitions. With more than 35 years in the industry, the firm delivers unparalleled market knowledge and product diversity to clients throughout the Gulf South region of the United States.