Murphy Ranch Condos Sold to Real Estate Investors

Correction: The article originally stated the sale was from Lyon to Resmark. The sale was from Fairfield to Resmark.

Tech employees have witnessed the ongoing construction of Murphy Ranch and Cerano Park, an apartment and condo development that will bring residents to a commercial and office area in Milpitas.

The first of the 373-unit luxury apartments are expected to be ready in the late summer of 2012. The condos, 285 units, are next door and were owned by Fairfield.

On Wednesday, a press release was issued from a company that announced it had bought 13 acres where the condos are planned to be built. Lyon Homes will stay on as the developer.

Here is the statement:

The Resmark Companies (Resmark), announced today that it has acquired approximately 13 acres of land in the City of Milpitas, California and will develop a new townhome project that will offer 285 attached for-sale residences positioned to capture first time home buyers in Milpitas and the surrounding Silicon Valley.

The project property, currently known as Murphy Ranch, is in a highly accessible location in one of the premier employment corridors in the country, just minutes from many of the area's main commuter corridors. Bordering the city limits of San Jose and set within the "Golden Triangle" housing Silicon Valley's signature companies, the site is west of the intersection of Murphy Ranch Road and SanDisk Drive, across the street from both the SanDisk and Cisco Systems office campuses.

Murphy Ranch will be comprised of 285 attached residences in two- and three-story configurations, with a mix of 144 row townhomes and 141 townhomes and flats in a motor court configuration. The two product lines' floor plans will range from 1,240 to 1,993 square feet.

The community will also offer a pool, spa and clubhouse, and is adjacent to a public park featuring open space and a sports court that is nearly complete, as well as the Coyote Creek Trail, which is ideal for hiking and jogging.

Resmark has engaged William Lyon Homes, Inc. to develop, construct, and sell the project. It is anticipated that site improvements will commence in late fall, with model residences scheduled to open in the summer of 2012.

"We are very pleased to partner with William Lyon Homes on the Murphy Ranch development. For more than 10 years, Lyon has been and continues to be one of Resmark's best top tier homebuilding partners. The company has demonstrated an excellent track record in both joint venture and fee build arrangements, and recently built and closed out several projects on our behalf that exceeded our expectations," said Robert N. Goodman, Chairman and Chief Executive Officer of The Resmark Companies.

"The Murphy Ranch project's ideal infill location in close proximity to the area's major employers, amenities and transportation corridors should allow the project to effectively compete with other new home offerings in the marketplace. We are excited about the prospects for success at the project and look forward to again working with one of our best homebuilding partners, William Lyon Homes," said Lee Rush, Vice President, Investments for Resmark's Land and Housing division.

"The Murphy Ranch development was a clear 'win-win.' It is an excellent investment opportunity for Resmark and a perfect fit for Lyon, supporting our ongoing commitment to one of our company's key markets and further solidifying Lyon Northern California as a leader in this market. Our organization's expertise in developing, building and selling attached and detached new homes makes this an ideal project for collaboration with Resmark," commented Brian W. Doyle, President, California Region for William Lyon Homes, Inc.