Abu Family Living Buys 50 Apartments in Netanya for $33 Million
Translated & summarized from Globes by baba
Abu Family Living, controlled by Tzachi Abu, has purchased 50 apartments in Netanya from Azorim for NIS 120 million, intending to rent them out. This deal, which includes a significant discount, is the company's third bulk apartment acquisition this year for its growing rental portfolio. The company's CEO stated the purchase is part of a broader expansion strategy. Similar bulk purchases for rental purposes have been observed in the Israeli real estate market.
The story in 6 lines · by baba
- Abu Family Living acquired 50 apartments in Netanya for NIS 120 million, aiming for rental income.
- The deal represents a 25%-30% discount compared to previous sales in the same building.
- This is Abu Family Living's third major apartment acquisition for rental purposes this year.
- The company's CEO highlighted the purchase as part of a geographical expansion strategy.
- The acquired units include 42 four-room and eight five-room apartments.
- Similar bulk apartment purchases for rental purposes are becoming a trend in Israel.
Abu Family Living, controlled by Tzachi Abu, has signed a deal to purchase 50 apartments from Azorim in a project in central Netanya for NIS 120 million, including VAT. The average price per apartment in the transaction is approximately NIS 2.4 million, representing a discount of about 25%-30% compared to previous sales in the building. These apartments are intended for rent and are expected to be delivered to the company within a few months. The purchased units comprise 42 four-room apartments and eight five-room apartments. The project, located at Weizmann Street and Bari Street, is a "pinui-binui" (evacuation-reconstruction) development by Azorim, in partnership with the Netanya Renewal Company, and includes three residential towers with 292 apartments and approximately 700 square meters of commercial space. The project is nearing occupancy.
This acquisition marks Abu Family Living's third bulk apartment purchase this year for long-term rental purposes. In February, the company acquired 40 apartments in Bnei Brak for approximately NIS 90 million, and in May, it purchased 50 apartments in Jerusalem for NIS 156 million. Combined, these three deals total 140 apartments.
Haya Kind, CEO of Abu Family Living, stated that the Netanya purchase is part of the company's strategy to expand its geographical presence into additional areas of demand. The company's current portfolio includes 1,440 apartments across 13 rental housing complexes. Abu Family Living also acquires land for developing new long-term rental projects.
Bulk apartment purchases from developers are not unique to Abu Family Living. In May, Rent It, a residential REIT, acquired 52 apartments in Hadera from Aura for NIS 108.5 million, also for long-term rental. Rent It reportedly bought these apartments at a discount of about 20% from Aura's price list, and around 10% off actual sale prices. The Hadera deal also included a payment structure where Aura received shares in Rent It, making it a significant shareholder.
Mentioned
The same event, reported separately by each outlet. Open a few to compare what different newsrooms emphasize — and what they leave out.
Other 2
Not the same event — other stories that share this one’s people, places, or theme: background, reactions, and follow-ups.
