NEW YORK CITY-The Related Cos. reportedly will buy a 25% stake in Fannie Mae’s current inventory of foreclosed apartment properties, valued at about $300 million. Citing unnamed sources, the Wall Street Journal reported Wednesday that the mortgage company will also sell Related stakes in future portfolios of foreclosed multifamily assets. A Related spokeswoman declines to comment on the WSJ report.

If published reports are accurate, the deal with Related would represent Fannie’s first major bulk sale of foreclosed multifamily properties. As of year-end 2010, Fannie reported $596 million in foreclosed apartments in its portfolio, according to the WSJ.

Multifamily financing comprises a relatively small portion of Fannie’s portfolio. Last year the company financed approximately 2.7 million single-family conventional loans and approximately 306,000 apartment units, according to its year-end results.

A Fannie spokeswoman tells GlobeSt.com that her company’s transactions with property management companies are confidential and therefore the company will not comment on the WSJ story. However, the spokeswoman adds that Fannie has entered into relationships with “several professional property management companies to manage our REO portfolio. Professional property management companies are equipped to handle the day-to-day operations and management of a portfolio of multifamily real estate.”

Upon acquisition of any REO, the Fannie spokeswoman adds, “we retain the property management to address any existing and ongoing maintenance issues in order to provide tenants in those properties with quality housing. Proper maintenance of the REO will maximize the ultimate value of the property upon sale, thereby maximizing the return to the taxpayers.” Click here for the complete WSJ story.