Abu Family Living Buys 50 Apartments in Netanya for $32 Million
Translated & summarized from Ice by baba
Abu Family Living, led by Tzachi Abu, has purchased 50 apartments in Netanya from Azorim for approximately 120 million shekels. This acquisition is part of the company's strategy to expand its portfolio in the long-term rental market. This is the third major bulk apartment purchase by Abu Family Living this year, following deals in Bnei Brak and Jerusalem. The company currently manages 1,440 rental units across Israel.
The story in 5 lines · by baba
- Abu Family Living acquired 50 apartments in Netanya from Azorim for 120 million shekels.
- The purchase includes 42 four-room and 8 five-room apartments in the N Weizmann project.
- This is Abu Family Living's third major bulk apartment purchase this year.
- The company aims to lead the long-term residential rental market in Israel.
- Abu Family Living currently manages 1,440 rental units nationwide.
Abu Family Living, controlled by Chairman Tzachi Abu, has acquired 50 residential units from Azorim in the N Weizmann project in Netanya for approximately 120 million shekels (including VAT). The purchase comprises 42 four-room apartments and 8 five-room apartments, expected for delivery in the coming months. The N Weizmann project, a "pinui binui" (demolition and reconstruction) initiative by Azorim in partnership with Netanya Renewal Company, consists of three residential towers with 292 units nearing occupancy and about 700 square meters of commercial space. Located on Weizmann Street, the project offers convenient access to the city center, major transportation routes, and public amenities.
This marks Abu Family Living's third significant bulk apartment purchase this year. Previously, the company bought 40 units in a project by Avissar in Bnei Brak for about 90 million shekels in February, and 50 units from developer David Brin in Jerusalem for 156 million shekels in May. The Jerusalem deal includes an agreement for the seller to complete construction and deliver the units by June 2029.
"This is another attractive deal for us this year, aligning with Abu Family Living's strategy of geographic expansion and diversifying our apartment clusters into additional demand areas in Israel," stated Haya Kind, CEO of Abu Family Living. She added that the company intends to continue expanding its portfolio and seeking business opportunities that enhance its economic potential and profitability, reinforcing its position as a leading player in Israel's long-term rental housing market.
Adi Dana, CEO of Azorim, expressed pleasure with the deal and the expanded cooperation, noting Azorim's ongoing development of five residential projects in Netanya. Abu Family Living operates by acquiring units for long-term rental and purchasing land for developing new rental projects, aiming to lead the long-term residential rental market. The company currently holds approximately 1,440 residential units across 13 rental complexes nationwide, with an equity investment of about 306 million shekels. Separately, Tzachi Abu's Ari Real Estate recently received approval for a significant expansion of the Star Ashdod complex, which could add up to 1,850 new units, including commercial and employment spaces, with about 450 units designated for rent.
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