Sperry Van Ness – Mimi Song Realty Group is pleased to announce the successful closing of another REO land deal.  RY Properties (Robert Yu, Principal) has acquired 206 approved condo units (TTM lots) from Sterling Savings Bank in a deal that closed on July 23.  The land is located on Foothill Blvd, south of Redhill Country Club.  The deal was for all cash and closed at original contract price.

RY Properties has been an active Buyer of distressed assets dating back to last year.  RY acquired a number of finished lots in Victorville from Richmond American Homes. 

The deal for the 206 TTM lots in Rancho Cucamonga was brokered by John Reeder of Sperry Van Ness.  It was the fifth deal this year in which Reeder represented Sterling Savings in a sale of land or finished lots.  Mimi Song Realty Group has partnered with Guardian Management (Karlin Conklin, COO) in representing Sterling Savings in several Southern California deals.  MBK Consulting (Mohammad Kashani, Principal) provided consulting services to the Bank during the sale.  First American provided title and escrow.

RY Properties can be reached at 626-282-3100.

John Reeder can be reached at 951-847-6928.