Tshuva – another real estate deal
Tshuva buys 3 Florida neighborhoods
Israeli real estate tycoon pays 91 million dollars for Boca Raton apartments
Israeli real estate tycoon Yitzhak Tshuva recently purchased three residential neighborhoods in Florida through his privately-owned Elad realty firm.
Elad paid a total of USD 91 million for the three neighborhoods, which contain 476 housing units, Israel's leading newspaper Yedioth Ahronoth reported Wednesday.
The neighborhoods, constructed during the 1980s, are located at the town of Boca Raton near Miami. Elad plans to convert the housing units, which up until recently were rented out to families, into apartments for sale.
Elad's main focus until now has been New York, where the Israeli company last year acquired the lavish Plaza Hotel, in a bid to convert most of it into luxury apartments. According to plans, part of the building will continue to function as a hotel, while shopping areas will be added to its lower level.
Tshuva also operates extensively in the Canadian market through his Elad Canada subsidiary. The firm raised several million dollars in Israel in the past year that will also go into buying, renovating and selling apartments.
