Colony Wins Fannie Foreclosure Auction for $176 Million
This article is for subscribers only.
Colony Capital LLC, the investment firm founded by Tom Barrack, won an auction of 970 Fannie Mae foreclosed homes in Arizona, California and Nevada in the largest bulk sale of single-family houses announced to date.
Colony won the auction with a bid of about $176 million, according to a summary of the transactions posted on the website of the Federal Housing Finance Agency. The properties were valued at $156.8 million in a third-party valuation before they were put up for sale in February.