California company buys 700 Florida foreclosures in single sale

The Federal Housing Finance Agency sold 700 Florida foreclosures owned by Fannie Mae to a San Diego-based company that paid $12.3 million for an interest share.

The sale, which closed Thursday, is the first in the government’s nationwide plan to sell foreclosed homes to private investors who must rent a certain percentage out before selling.

Florida had three clusters of homes for sale, including 376 in Southeast Florida, all of which were purchased by an LLC created by Pacifica Companies. Pacifica Companies owns varied real estate projects, including hotels and master-planned communities, in the U.S., Mexico and India.

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