Capital Group buys Palm Beach project stake [Globes, Tel Aviv, Israel]

Aug. 31--Capital Group Ltd. has signed an agreement to purchase half of an apartment project in Palm Beach, Florida, for $3 million. Capital Group, owned by president Dan Herzog and CEO Alon Herzog, organizes buyers groups for residential projects. It has been active in the US for a decade.

The Palm Beach project was built in 2007. Capital Group bought 32 of the project's 70 apartments, including two and three-room garden and rooftop apartments. The properties target people aged over 55 -- baby boomers who have joined retirees heading for the Sunshine State from northern cities.

The project includes a swimming pool, fitness rooms, private screening rooms, tennis courts, and a private golf course.

Capital Group recently completed organizing several buyers groups in Israel, including a high-rise in Petah Tikva's Em Hamoshava neighborhood, the Sports Tower in Ramat Gan, and the Campus Sports Tower in Beersheva.

Alon Herzog said, "The recent tightening of terms for investors in buyers groups by the Bank of Israel and the Israel Tax Authority, with the encouragement of the Association of Contractors and Builders in Israel, is causing potential investors to redirect their investments overseas, especially to the US, in view of the very convenient opening terms there."

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