Southern California Savings & Loan Assn., the Beverly Hills-based thrift purchased earlier this year by an investor group headed by former U. S. Treasury Secretary William E. Simon and former Federal Reserve Board vice chairman Preston Martin, has formed a so-called "direct-investment" subsidiary to invest an initial $30 million in California real estate.
The new subsidiary "is looking" at several types of properties, including residential, commercial and industrial, and land, said Ian Robertson, president of the thrift's new Direct Investment Co. subsidiary.
Robertson said his subsidiary "would like to stay in Ventura County and (the rest of) Southern California," although a public relations spokesman for the firm said investments in Northern California are also a possibility. Some of the money may be invested through joint-venture projects.
The new subsidiary has already taken a $1-million stake in a 600-unit residential project in San Diego, which so far has enjoyed strong sales, Robertson added.