Related Companies will acquire a 25% stake in apartment buildings owned by Fannie Mae, The Wall Street Journal reports. The New York-based real-estate company will acquire stake in the government-controlled company’s inventory, which is valued at about $300 million.
Financial terms of the deal were not disclosed. Fannie Mae will also sell a stake to Related in future foreclosed multifamily properties, which are expected to be added to Fannie Mae’s portfolio. Related will have to invest in maintenance and management of the properties.
Click here for the story from The Wall Street Journal.