“We are still in active negotiations on another 1,000-plus units throughout Florida and continue to seek out other well-positioned class A bulk purchase opportunities in major markets in the Southeastern United States,” Mishal says. He noted that the firm has closed on 100% of the properties it has placed under contract.

“This was the most complex bulk sale acquisition we have been involved with and Gamla-Cedron is one of the few groups in the market who could have successfully pulled it off,” Lance says. “This acquisition fits perfectly into their portfolio and they will gain significant economies of scale as they previously purchased units in bulk at The Falls at New Tampa which is adjacent to Preserve.”

Gamla-Cedron previously purchased 96 lender-owned units at Lakeside Townhomes at Seven Oaks in October 2010 and 145 lender-owned units at Promenade at Tampa Palms in May 2010. The firm also acquired 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.

Peter Zalewski, principal of Condo Vultures, tells GlobeSt.com Miami saw its last bulk condo deal in October of 2010. Now, investors are forced to look elsewhere. “Tampa, Orlando, and Southwest Florida are becoming increasingly popular,” he says, “with private equity groups as much of the new condo bulk product in Southeast Florida has been acquired or put under contract.”