Santa Ana developer Far West Industries Inc. has picked up a condominium project in Los Angeles County once valued at $40 million that had gone back to the bank, according to a report in the Whittier Daily News.
Far West, a residential and commercial developer, picked up the partly complete, 96-unit project in Whittier, called the Gables of Whittier, in an all-cash deal, according to reports. Terms of the deal weren’t disclosed.
The project’s initial developer, Pasadena-based HDS Group LLC, lost the property to foreclosure. The project initially was financed by Temecula Valley Bank, whose assets were taken over by First Citizens Bank and Trust Co. in 2009.
Far West officials told the Whittier Daily News that they’d be starting work on the second phase of the 5.5-acre development, located on Whittier Boulevard in a largely commercial area, soon.
Homes at the Whittier project previously ran from about $330,000 to $500,000.
Far West has built several thousand homes, primarily in inland California and in the desert. Local developments include Fountain Valley’s San Marino community.
