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.


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