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BUYER: Gamla Cedron Lakeside I LLC and Gamla Cedron Lakeside II LLC, Aventura
SELLER: CRM Florida Properties LLC
PROPERTY: various addresses on Claybrook Drive, Juniper Bay Drive, Silverlake Way and Cool Stream Lane, Wesley Chapel
PRICE: $4 million
LAW FIRM ON DEED: Hill Ward Henderson, Tampa
PLANS, DESCRIPTION: Gamla-Cedron Group purchased 62 townhomes and 34 finished vacant lots at Lakeside Townhomes at Seven Oaks for $4 million.
The price equated to $41,667 per unit and lot.
T. Sean Lance and John Burpee of NAI Tampa Bay represented Israeli-based Gamla-Cedron and Prudential Commercial Real Estate FL represented the seller, SunTrust Bank. NAI Tampa Bay will manage the property and coordinate either leasing and sales for Gamla-Cedron.
Lakeside is a gated townhome community with more than 200 units. The subdivision was developed by Crown Community Development, which sold 110 lots to Smith Family Homes. The homebuilder developed 76 townhomes, but only sold 14 before filing for bankruptcy.
The remaining 62 units have sat vacant since 2008. Many of the units require only minor improvements and cleaning, according to Lance. The units average slightly less than 1,700 square feet.
The purchase marks Gamla-Cedron's fourth bulk multifamily purchase in the Tampa Bay area since mid-2009. Gamla-Cedron purchased 145 lender-owned units at Promenade at Tampa Palms in May; 185 units at The Falls at New Tampa from iStar Financial in December; and 149 units at Arbors at Carrollwood from Corus Bank in June of 2009. All its units in the region average 95% occupancy.
“This was a unique opportunity for us to continue to grow our portfolio throughout the west coast of Florida,” Shaoul Mishal, president of Gamla-Cedron, says in a press release. “With this acquisition, we now own over 600 units through five separate lender-owned transactions, and we are in active negotiations on another 1,000+ units throughout Florida.”
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