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Pacifica Companies is the first winning bidder in Federal Housing Finance Agency’s REO pilot initiative in Florida.
FHFA will announce the winning investors for properties in other areas upon closing of the transactions in the coming weeks.
But, besides the 541 properties in Atlanta, which were not awarded, who bought the other stuff?
Sources tell me that the winning bidder is American Homes, a subsidiary of Colony Capital, for the Fannie Mae REOs in Arizona, California and Nevada. This comes as no surprise, as this is one name that been circulating for ages.
The other winning bidder, for the properties in Chicago, is The Cogsville Group, out of New York City.
Other bidders, such as Starwood Capital Group and Carrington Mortgage Services are said to view the properties as too overvalued for the type of investment they were each looking at.
The FHFA would not confirm the winning bidders. In fact, all of the information in this post is unofficial.