The Federal Housing Finance Agency said Tuesday that The Cogsville Group LLC has purchased 94 Fannie Mae properties in Chicago as part of a REO pilot initiative.
The agency claims all properties were sold "near or above market value." The homes are located in eight different metropolitan areas across six states.
The FHFA launched the REO pilot transaction in late February, qualifying bidders based on financial strength, asset and property management expertise and experience in the geographic area where the homes are located.
Bids were then solicited from qualified investors on roughly 2,500 single-family Fannie Mae foreclosed properties in hard-hit housing markets.
Early last month Pacifica Companies LLC, San Diego, was declared the winning bidder on a Fannie Mae bulk REO portfolio, paying just $12.3 million for a package of 699 Florida properties valued at $81.5 million.
That deal marked the first bulk REO pilot sale entered into by a GSE under the auspices of the Federal Housing Finance Agency. The FHFA valued the deal at $78.1 million, taking into account terms where the GSE must also receive $49.3 million of additional revenue from a limited liability company that will own the single-family units.
