Bradford
IRVINE, CA-Locally based Sycamore Urban Properties has acquired a distressed townhome project in the Ventura County community of Thousand Oaks, CA that was dormant for two years and plans to have the 36 units ready for sale in the spring of 2011. The 4.33-acre hilltop property at 2727 E. Hillcrest Dr.has languished since the previous developer filed bankruptcy when the housing market collapsed. It was foreclosed by IndyMac Bank, whose assets were later seized by the FDIC in 2008. This is Sycamore Urban’s second acquisition from the FDIC in the last 12 months.
Mitchell Bradford, president of Sycamore Urban, notes that the company’s specialty is taking distressed infill properties and quickly turning them around. For example, as reported on GlobeSt.com recently, Sycamore revived a stalled condominium project in the West Hollywood area after acquiring the note on the property in December 2009 when the ground-up project was only 65% completed.
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