Abu Family Acquires 50 Netanya Apartments for 120 Million Shekels
Abu Family Magurim has finalized a 120 million shekel acquisition of 50 apartments in Netanya from Azorim. The deal expands the company's long-term rental portfolio to 1,440 units nationwide.
Tzahi Abu's real estate firm, Abu Family Magurim, has finalized a major acquisition of 50 residential units in the N Weizmann project in Netanya from Azorim. The deal, valued at approximately 120 million shekels including VAT, follows the fulfillment of all closing conditions outlined in the initial October agreement.
The purchased portfolio comprises 42 four-room apartments and 8 five-room apartments, earmarked for the company's long-term rental portfolio. With an average price of 2.4 million shekels per unit, the transaction reflects a roughly 15% discount compared to prevailing market rates in the area, where new four-room apartments typically command 2.7 to 2.8 million shekels.
This marks Abu Family's third major bulk apartment acquisition this year. In February, the company acquired 40 units in Bnei Brak for 90 million shekels, followed by a 156 million shekel deal in May for 50 units in Jerusalem's Romema neighborhood.
The Netanya transaction expands Abu Family's nationwide footprint to approximately 1,440 rental housing units across 13 complexes in cities including Haifa, Rehovot, Netanya, Bnei Brak, Beit Shemesh, Eilat, and Ashdod. The cumulative equity investment in these portfolios stands at about 306 million shekels.
