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Colony Capital Buys 970 REO Homes

November 7, 2012
Colony Capital LLC has purchased 970 single-family REO properties in California, Arizona and Nevada as part of the Federal Housing Finance Agency (FHFA) pilot efforts to dispose of Fannie Mae's first Real Estate Owned (REO) properties.

Colony purchased shares of eight sub-portfolios of residential real estate owned (REO) properties, including tenant-occupied units and vacant single family residential properties. Fannie Mae has retained an interest in the equity cash flows. Colony is responsible for managing the operations of the owning entity.

Colony paid $34,117,228 for its interest, which resulted in an estimated transaction valuation to Fannie Mae of $176 million or 112.3% of third-party valuation and equal to roughly $181,443 per home.

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