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BOCA RATON, FL-Izzy Ashkenazy and Jonathan Agus, the team thatrecently acquired five multifamily properties in Florida forcondo-conversion, has formed CondoMax USA, a venture designed totake condo-conversion nationwide and target for-sale units topeople who cannot otherwise afford homeownership. The partners'portfolio, acquired by their previous company, Ashkenazy & AgusVentures LLC, now contains an aggregate of 1,412 residentialunits.

Units in those properties will sell for between $129,000 and$219,000, Agus tells GlobeSt.com. "Our real strategy, though, is toacquire properties with units we can sell for between $99,000 and$149,000. There's a void in that market, even when and if thehousing market softens. While prices are dropping in Palm BeachCounty," he says, "the average price is still about $400,000,unaffordable to many."