Fannie Mae Buys Towne Gardens

The Towne Gardens, a low-income apartments, and Towne Gardens Plaza, has been acquired by the governed sponsored entity Fannie Mae for $16.4 Million at a foreclosure auction. Towne Gardens’ address, listed as 407 William St., 409 William St. and 161 Hickory St. was constructed in 1968 as part of a federal urban renewal program,. According to reports, about 70% of the apartments are leased. The foreclosure will not affect tenants.