Integral Communities Sells Milpitas Site to Lyon Communities for $22MM

Milpitas, William Lyon Homes, 1315 McCandless Drive, Integral Communities, Bay Area, Northern California, apartments, housing

Lyon Communities wants more of Northern California. The Newport Beach-based apartment community developer confirmed the purchase of a roughly 5-acre site in Milpitas for $22 million from Integral Communities, where it plans to build up to 371 new homes. The property is located at 1315 McCandless Drive in Milpitas, which is in proximity to Montague Expressway and the Great Mall Parkway. The development property is on the VTA light rail line and practically across the street from the Great Mall in Milpitas.

[contextly_sidebar id=”4JoV3dJXqkVzldImu9PJiXjgGHrplmcL”]Lyon Communities and its related, although separate entity William Lyon Homes, are no strangers to the Bay Area region. Lyon Communities operates 10 for-rent communities throughout the Bay Area, nine of which are in Silicon Valley. They are in Cupertino, Los Gatos, Campbell, Mountain View and Santa Clara. It also operates one community in the East Bay, the Stoneridge apartments in Pleasanton. Rents in these communities start from $1,580 to $3,834, depending on the location.

William Lyon Homes has 11 active projects in Northern California. These are in Antioch, Brentwood, Dublin, Pittsburg, Milpitas, Morgan Hill, Mountain View and Tracy. In Mountain View, The home builder just released units in a project called Guild Thirty-Three where the company is offering 3 to 4-bedroom units starting in the low $1 millions. A year ago, the company spent over $174 million to acquire an infill portfolio of residential land from City Ventures, LLC, including lots in Mountain View and Morgan Hill indicating its continued strong interest in the region.

Lyon Communities has no other locations in Milpitas at this point in time, although the company was the developer of Apex Apartments, a 366 unit community, which it sold to Essex Property Trust for $150 million last August. Amenities include a saltwater pool and spa, a fitness center, an outdoor entertainment area with multiple fire pits and BBQs, a movie theater, a Wi-Fi lounge and billiards room, and a demonstration kitchen. Apex is located about one mile from the North San Jose submarket and is near a VTA Rail Station and the Milpitas BART station.

William Lyon Homes has two other completed developments in Milpitas. These are the The Courts at Coyote Creek and The Rows at Coyote Creek, both located at 1202 Coyote Creek Way. In both developments, the units are selling from the low to mid 700,000s.

West Coast Commercial Real Estate News