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PHOENIX-The Las Vegas-based Crystal Properties Holdings Inc. plans to target Arizona and California to acquire undervalued real estate from banks and other financial institutions. The company’s board of directors approved issuance of offers for banks in these states, as well as Nevada, where it is already active, to acquire institution-owned real estate.

The company will approach Indy Mac Bancorp Inc. in Pasadena, CA; Countrywide Financial Corp. in Calabasas, CA; Wells Fargo & Co. in San Francisco and Bank of America Corp. in Charlotte, NC about Arizona and California assets. “The undervalued real estate in these states is overwhelming and present tremendous opportunities for the company in the future,” said Crystal Properties president Peter Anello in a company issued press release. A call to Crystal Properties was not returned by deadline.

On Nov. 19, the company had issued a press release stating that selling trends of Las Vegas area bank-owned real estate have been favorable. If the real estate trends continue, the original projected gains of $12 million could likely be closer to $18 million by year-end. In that release, Anello commented that banks’ willingness to sell at large discounts was creating a favorable buying environment for the company.

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