(Mark Your Calendars: RealShare Apartments 2011, October 20 in Los Angeles).

RENO, NV-Sycamore Urban Properties of Irvine, CA has acquired the 153-unit Talus Point fractured condominium project from US Bank in the first step in the company’s plan to acquire 1,000 units in Nevada. Originally built in 1978 as a 153-unit apartment complex, Talus Point underwent a condominium conversion and sales program in 2006, selling only 28 units before entitlement and market conditions stalled the program. The remaining 125 units have since been operated on a lease basis.

The property was foreclosed upon by the original lender in 2009 and subsequently taken over by US Bank in a structured transaction with the FDIC. Mitchell Bradford, president of Sycamore Urban, says that Talus Point “provided an excellent opportunity to begin building our Nevada portfolio, which we plan to grow to over 1,000 units." He added, "With its historically high rate of occupancy and strong cash flow, we have multiple options for this property, either as a long-term hold and/or re-introducing the units for sale when the market warrants."