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$35M Plus Takes Control of 312-Unit Lyon's Gate

GILBERT, AZ-Mid-America Apartment Communities buys a one-year-old Alexan-branded complex from Trammell Crow Residential. Occupancy was 92% when the deal closed.

By Amy Wolff Sorter | Updated on August 06, 2008

GILBERT, AZ- Mid-America Apartment Communities Inc. has added to its area portfolio, buying the Alexan Lyon’s Gate. The Memphis-based buyer has beat out eight other offers, paying $35.25 million to Trammell Crow Residential for the 312-unit asset.

Mark Forrester, partner with Hendricks & Partners’ Phoenix office tells GlobeSt.com that Mid-America won the 92%-leased, class A complex at 3301 E. Ray Rd. because it had one of the highest offers. In addition, the buyer was familiar to the seller. “They recently bought a property in Georgia from Trammell Crow so the seller was comfortable with the buyer,” says Forrester, who teamed with Hendricks & Partners’ partner Robert Bruno to represent the seller. Mid-America was self-represented in the transaction.

Situated on 17.2 acres, Alexan Lyon’s Gate has one-, two- and three-bedroom apartments from 761 sf to 1,257 sf. The monthly rent is $900 to $1,230. Mid-America will manage and lease the asset, completed just last year. Forrester says Mid-America will change the name because the Alexan brand is specific to Atlanta-based Trammell Crow Residential.

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