Fannie Mae’s first auction of foreclosed homes to be managed as rentals sold for $78.1 million, or 96 percent of the properties’ estimated value, the Federal Housing Finance Agency said.

The purchase, of 699 homes in Florida, was the first to be completed in Fannie Mae’s auction of almost 2,500 repossessed properties in six states. The buyer was San Diego, California- based Pacifica Companies LLC, the FHFA said in a statement today. The homes had a total value of $81.5 million, including joint-venture financing from Fannie Mae, according to a transaction summary.

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