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Tshuva invests $330m in thousands of US flats
Elad Group Florida, owned by Israeli businessman, purchases 4,700 residential units in Florida, Georgia, Texas and South Carolina
Golan Hazani
Israeli businessman Yitzhak Tshuva is expanding his activities in the United States. Yedioth Ahronoth has learned that Elad Group Flordia, owned by Tshuva, purchased hundreds of apartments in Miami as part of a deal signed last week with the American fund Landmark.
As part of the deal, Elad Florida purchased 4,700 residential units in Florida, Georgia, Texas and South Carolina.
The deal was worth $330 million, an average of approximately $70,000 per apartment, a relatively low price which mainly derives from the crisis in the American real estate market.
According to estimations, Tshuva currently owns tens of thousands of residential units in the US. Elad Florida is active in 10 states on the East Coast and the Midwest in the US, excluding New York.
The current transaction includes apartments in 14 different compounds, which are financed by an American mortgage company. The mortgage is given with an interest rate of 5.4 percent, with an expected average return of 7 percent.
According to reports in the US, Elad Florida plans to sell some of the apartments. All of the flats purchased are now rented and are fully occupied.
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