Abu Family Residences Buys 50 Netanya Apartments for 120 Million Shekels
Abu Family Residences acquired 50 apartments in Netanya from Azorim for 120 million shekels, marking its third major rental housing deal this year.
Abu Family Residences, controlled by Chairman Tzachi Abu, has acquired 50 housing units from Azotim in the N Weizman project in Netanya for approximately 120 million shekels, including VAT. The transaction comprises 42 four-room apartments and 8 five-room apartments, scheduled for delivery in a few months.
Project Details and Strategy
The N Weizman project is an urban renewal initiative carried out in cooperation with the Netanya Renewal Company. It features three residential towers with 292 housing units nearing completion and about 700 square meters of commercial space. Located at the corner of Weizman and Ba'ari streets, it offers convenient access to the city center and major transportation arteries.
This is another attractive deal this year, fitting our strategy of geographical expansion and diversification of housing clusters into additional high-demand areas in Israel, said Chaya Kind, CEO of Abu Family Residences.
Third Deal This Year
This marks the third significant residential cluster acquisition in the open market by Abu Family Residences this year. In February, the company purchased 40 units in the North Bnei Brak project from Avisror for 90 million shekels, and in May, it acquired 50 units in the Romema neighborhood of Jerusalem for 156 million shekels from developer David Brin.