Fannie Mae To Sell Stake In Apartment Portfolio To Related

News ) is planning to sell a stake in its apartment portfolio to Related Cos., the New York private real-estate company controlled by Stephen Ross, the Wall Street Journal reported Tuesday citing people familiar with the matter.
The report noted that under terms of the deal, Fannie would sell to Related a 25 percent stake in its inventory, which is valued at about $300 million.
The deal would represent the first major bulk sale of foreclosed property by Fannie Mae.
Until now, Fannie was selling off apartment buildings seized from landlords individually, often at distressed prices.
Fannie and its peer Freddie Mac (FMCC.OB) have resisted bulk sales of single-family properties or nonperforming loans as they believe they can sell properties individually at higher prices.
However, as its stock …

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