TAMPA-Israeli-based investment group Gamla-Cedron has been issued a certificate of title for 158 apartment units at The Preserve of Temple Terrace. The deal marks Gamla’s fifth distressed bulk multifamily acquisition in the Tampa Bay area since mid-2009. The lender and price of the Preserve transaction were not disclosed.
Gamla-Cedron purchased the note for the units in November 2010. The Preserve is a 392-unit class A community that was purchased for $46,000,000 ,or $287,500 per door, in April 2006. Plans were to convert the apartments into condos.
T. Sean Lance, managing director and president of Troubled Asset Optimization of NAI Tampa Bay, and John Burpee, chairman of NAI Tampa Bay and president of the multifamily division, represented Gamla-Cedron in the acquisition.
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