Moshe Silagi Sells 24-Property Portfolio for $224 Million
An Israeli immigrant who built a vast real-estate empire after moving to the U.S. in 1976 has sold a 24-property portfolio in 12 states to a venture of Northstar Commercial Partners and Real Estate funds for $224 million. Moshe Silagi, 69 years old, said he is greatly reducing his property holdings as part of his plan to "be debt free and enjoy life." He also made big portfolio sales in 1998 and 2007 and estimates that over his career he has sold $1 billion worth of property.
Denver-based Northstar, a 16-year-old investment firm, that invests capital raised in Israel, see upside in the portfolio they are buying from Mr. Silagi.Read more