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The Gamla-Cedron Group, an Israeli-based investment firm, has been issued a certificate of title for 158 units in The Preserve at Temple Terrace.
The deal marks the group's fifth distressed bulk multifamily deal in the Tampa area since mid-2009.
Gamla-Cedron also purchased the mortgage note for three units in November. The Preserve is a 392-unit former apartment community, which was purchased for condo conversion by its former owner in April 2006.
“We are pleased to finally complete the foreclosure process and take title to these units,” Shaoul Mishal, president of Gamla-Cedron, says in a press release. “Like all of our other acquisitions, our plan is to lease these units while focusing on turning around the community and stabilizing the homeowners association.”
T. Sean Lance, managing director and president of the troubled asset optimization division of NAI Tampa Bay, handled the note sale.
Gamla-Cedron now owns nearly 800 units in the Tampa area. It purchased 96 lender-owned units at Lakeside Townhomes at Seven Oaks in October and 145 lender-owned units at Promenade at Tampa Palms in May 2010. In addition, the firm purchased 185 units at The Falls at New Tampa from iStar Financial in December 2009 and 149 units at Arbors at Carrollwood from Corus Bank in June 2009.
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