The Real Deal Miami

Israeli investors make bulk purchase in Coral Springs

Bank had repossessed apartments in 2009
The apartments at the Crescent Cove complex in Coral Springs

The apartments at the Crescent Cove complex in Coral Springs

The U.S. arm of an Israeli investment company just paid $8 million for an apartment portfolio in Coral Springs.

Prashkovsky Investments USA, which is based in Boca Raton, signed a deed for 94 units in the Crescent Cove complex in late June. The group took out $6 million in financing for the deal from Bank Leumi USA, according to Broward County property records.

The units were previously owned by the FCA Group, and affiliate of the Libra Group, which had gone on a spree of bulk multi-family buys in the county years ago.

Adi Karadi, the CEO of Prashkovsky Investments USA

Adi Karadi, the CEO of Prashkovsky Investments USA

FCA paid $4.83 million for the units, which represent a little over two-thirds of all the units in Crescent Cove. The remaining units are still owned by a management company that’s affiliated with Ocean Bank. The bank took possession of the Cove in 2009 after it fell into foreclosure over a $31.7 million mortgage assigned to the previous ownership, a company tied to BH Capital Partners.

Prashkovsky’s main office is in Rishon LeZion, the fourth-largest city in Israel. The company splits its business between commercial construction and investment.

The CEO of Prashkovsky’s branch in the United States, Adi Karadi, was a former marketing specialist for the main office. When the company made its foray into the United States two years ago, Karadi was promoted to head the venture.