IRVINE, CA-Sycamore Urban Properties has acquired a newly completed 41-unit townhome project in Rancho Cucamonga and is seeking to acquire more distressed projects to buy and hold until the market improves. Irvine-based Sycamore, which was founded last year to acquire and stabilized new and converted condominium properties that have fallen into distress since the housing bubble burst, foresees a strong demand for condos, especially in the more affordable price ranges, once the market recovers.

Sycamore Urban President Mitchell Bradford, who founded the firm in early 2008 with company CEO Lew Halpert, says that multifamily projects today include “numerous quality properties out there in various stages of completion that have fallen victim to nothing more than bad timing.”

Sycamore anticipates that many of the properties or the notes on them will be changing hands via note sales or bank REO sales. In fact, the company acquired its Rancho Cucamonga asset by first buying the note on the property and then navigating through the bankruptcy process, taking title to the property via foreclosure in early March.

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