After the fire, outside investors were the bogeymen of Altadena. Now some are embraced

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They watched with alarm as a developer known for building boxy duplexes in South Los Angeles started buying lots on their block in west Altadena.One in March, one in April, one in May.One in September.For Michael and Crystal Nerone, who were weighing the pros and cons of rebuilding their house destroyed in the Eaton fire, the prospect of four two-story rentals on their street was tilting the scale toward flight.The Nerones had attended community meetings where outside investors — and in particular the one buying up their block — were assailed for grabbing lots at literal fire-sale prices, presumably to replace destroyed bungalows and cottages with hulking mansions and multifamily rentals.When Ocean Development Inc.

bought a fifth lot, the one next to theirs, the Nerones might have been ready to call it quits.But Crystal decided to give the company a chance to explain its intentions.She placed a call that has turned her view of investors upside down.

To her surprise, Kip Cyprus, Ocean Development’s general contractor, called right back.“He said I could look at the house he already built,” she said.“He gave me the address and told me how to get in.

I did.”She drove to Highview Avenue and saw a house that had curb appeal, sophisticated landscaping and interior details like handmade cabinets that she would want in a home.“He thought about how someone could use this house,” she said.They’ve since been in almost daily contact, and Ocean Development has become the primary engine for the recovery of the Nerones’ block on Laurel Drive.

The firm has four modestly sized single-family houses under construction and a fifth in grading.Only two others on the block are as far along.With 25 lots currently in its portfolio, four homes completed and two sold, Ocean Development offers a counterpoint to the narrative that investors will inevitably upend the character that ma...