BOCA RATON, FL (Jan. 5, 2011)–Dizengoff-Trading Company has purchased the remaining 65 units at 2560 South Ocean (top left, middle right and left photos), a 94-unit mid-rise condominium project, also known as the “Whitehouse”, located in beautiful Palm Beach, Florida. The real estate investment company paid $6.9 million for the units, which averages approximately $96 per square foot. The same units were selling on average for $385 per square foot in 2006 at the peak of the real estate boom.
Ninety-percent of the purchased residences are already leased and Dizengoff plans on leasing the remainder. Dizengoff purchased the 65 units from a South Florida bank.
Originally constructed in 1975 as a rental property, 2560 South Ocean was converted to a condominium in 2006 following major renovations.
The property sits on the exclusive island of Palm Beach between the Intracoastal Waterway and the Atlantic Ocean. All of the units have private balconies that offer breathtaking views of both bodies of water, and residents have deeded access to the beach. Other amenities include a waterfront pool, fitness center and barbecue patio area.
The units average 1,104 square feet in size, with a full appliance package, wood cabinets, Corian® countertops, ceramic tile flooring in kitchens and bathrooms and stacked washers and dryers in the two & three bedroom units.
The property is within walking distance to the beach, Palm Beach Golf Course, retail establishments and world class resorts and hotels.
Dizengoff-Trading Company is a value-oriented real estate investment firm targeting the purchase of bulk condominium units at mid-rise and garden-style multi-family complexes throughout South Florida.
2560 South Ocean is Dizengoff’s fourth such purchase in Florida in the past 15 months, totaling 434 units.
Dizengoff acquired bulk units at Portofino at Jensen Beach in Jensen Beach in September 2009, bulk units at the Condominiums at Courtney Park in Lake Worth in November of 2009 and bulk units at Bermuda Cay in Boynton Beach in July of this year. Both 2560 South Ocean and Bermuda Cay are located on the Intracoastal.
Dizengoff- Trading Company (1952) LTD. specializes in the development and management of residential and commercial properties.
The company has been ranked among the top 50 service and trade companies by Dun and Bradstreet in Israel, reflecting its considerable financial strength and wide-ranging capabilities.
The company has offices in Israel, the United States, the United Kingdom and the Czech Republic. For more information, visit the company web site at www.dizengoff-trading.com
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Media Contact:
Todd Templin and/or Jennifer Clarin, Boardroom Communications
(954) 370-8999/Todd Cell: 954-290-0810
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