X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.