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.

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