Abu Family Residential Buys 50 Apartments in Netanya for $32 Million
Abu Family Residential, led by Tzachi Abu, has finalized the purchase of 50 apartments in Netanya from Azorim for 120 million shekels. The units are intended for long-term rental and were acquired at a price reportedly 15% below market value. This acquisition is part of Abu Family Residential's expansion strategy, adding to its national portfolio of approximately 1,440 units. The deal also follows other recent large-scale property acquisitions and strategic moves by Tzachi Abu.
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- Abu Family Residential acquired 50 apartments in Netanya for 120 million shekels.
- The apartments were purchased from Azorim for long-term rental housing.
- The acquisition price was reportedly 15% below market value.
- This is the third major bulk apartment purchase by the company this year.
- Abu Family Residential's portfolio now stands at approximately 1,440 units nationwide.
Abu Family Residential, owned by Tzachi Abu, has officially completed the acquisition of 50 housing units in the "N Weizmann" project in Netanya from Azorim for approximately 120 million shekels (including VAT). The deal, which advanced over recent weeks, was finalized after all conditions were met, as reported by Azorim to the stock exchange. The purchased units, comprising 42 four-room apartments and 8 five-room apartments, are designated for Abu Family Residential's long-term rental housing portfolio and are expected to be delivered in the coming months. Abu reportedly paid about 2.4 million shekels per apartment, which is approximately 15% below market prices for new projects in the area, where four-room apartments typically sell for 2.7-2.8 million shekels.
This marks the third significant bulk apartment purchase by Abu Family Residential this year. In February, the company acquired 40 units in Tel Aviv for about 90 million shekels, and in May, it purchased 50 units in Jerusalem for 156 million shekels, with construction expected to finish by June 2029. The Netanya acquisition aligns with the company's strategy of geographic expansion. Abu Family Residential currently holds a portfolio of around 1,440 housing units across Israel, with a cumulative equity investment of approximately 306 million shekels, spread across 13 complexes in various cities.
The Netanya project, developed by Azorim in partnership with the Netanya Renewal Company, is a "pinui-binui" (demolition and reconstruction) complex featuring three residential towers with 292 units nearing occupancy and about 700 square meters of commercial space. Azorim, managed by Adi Dana, is continuing to capitalize on demand in Netanya, where it is currently building and marketing five other residential projects. This deal follows other strategic moves by Tzachi Abu, including the approval of a large expansion plan for his Ari Real Estate's "Star Ashdod" complex, which includes adding approximately 1,850 housing units and significant commercial and employment areas. Concurrently, Abu Family Residential announced a share buyback program of up to 30 million shekels.
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