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Major Real Estate Deal Near Tel Aviv Sees 80 Apartments Sold for 198 Million Shekels
Azorim Living has purchased 80 apartments in Azor for NIS 198 million, a deal significantly below their appraised value of NIS 231 million. The seller, Zvi Tzarfati and Sons, expects a pre-tax profit of NIS 47.2 million from the sale.
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What happened
- 01Azorim Living bought 80 apartments for NIS 198 million near Tel Aviv.
- 02The apartments are valued at NIS 231 million, creating a NIS 33 million valuation gap.
- 03The seller, Zvi Tzarfati and Sons, anticipates a NIS 47.2 million pre-tax profit.
- 0460 of the 80 apartments are already leased, with expected annual rent of NIS 7.1 million.
- 05Azorim Living's total purchases this year reach 247 apartments for NIS 613 million.
Sixty apartments are already leased, providing an estimated annual income of NIS 7.1 million. This acquisition brings Azorim Living's total purchases this year to 247 apartments for NIS 613 million.
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