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Abu Family Living Buys 50 Apartments in Netanya for $33 Million
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.
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What happened
- 01Abu Family Living acquired 50 apartments in Netanya for NIS 120 million, aiming for rental income.
- 02The deal represents a 25%-30% discount compared to previous sales in the same building.
- 03This is Abu Family Living's third major apartment acquisition for rental purposes this year.
- 04The company's CEO highlighted the purchase as part of a geographical expansion strategy.
- 05The acquired units include 42 four-room and eight five-room apartments.
- 06Similar bulk apartment purchases for rental purposes are becoming a trend in Israel.
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.
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