The private Star Company, owned by Yitzhak Tshuva and Yakir Gabay, who hold equal shares, was sold to Morgan Properties. MP, one of the largest U.S. real estate investment management companies with about 80,000 housing units, along with Olayan, paid $ 1.75 billion for 48 housing units, and a total of 14,414 housing units spread across 11 states, mostly in Florida.
Tshuva owns Star through Elad Group, sold in 2016 to one of the largest real estate sharks in Israel, Yakir Gabay, 50% of the company for $ 150 million, a return of about 580% (solid asset?). The two had previously been in contact for the sale of the company at a value of $ 1.85 billion, and after those failed they announced 3 months of a sale at a lower value.
This is Morgan Properties’ largest deal since acquiring 85 apartment files in 2019 for $ 1.9 billion. “This deal establishes us as the second largest owner of U.S. housing clusters,” the company said.
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