KeyBank Offers REO Portfolio in High Desert
An LLC controlled by KeyBank has selected Randy Coe, Michel Faris, and Winn Galloway of Park Place Land Advisors to market a multiple property portfolio in the Victor Valley. The portfolio consists of a mix of finished lots and final mapped lots in Hesperia, Victorville and Adelanto. The REO portfolio consists of broken builder loans for partially complete projects.
| Project | City | # of Lots | Improved Condition |
| Daybreak IV | Adelanto | 45 | Finished |
| Canterbury Hills | Victorville | 62 | Finished |
| Sorrento Hills | Victorville | 184 | Finished |
| Barcelona Heights | Hesperia | 163 | Unimproved |
| Copper Crest V | Hesperia | 50 | Finished |
| Sage Point II | Hesperia | 58 | Finished |
KeyBank was among the first major banks to circulate portfolios of distressed assets to the market in early 2008, though very little was sold at that time. IndyMac Bank was the other major player with large portfolio of distressed assets last year, though IndyMac failed and was taken over by the FDIC before any significant amount of that portfolio was sold.
Interested parties seeking details on the KeyBank High Desert portfolio can contact Randy Coe. Randy is available at 949-852-8288 x 18.
