Gamla-Cedron buys bulk units in Promenade at Tampa Palms

Published May 21, 2010
Business Observer Florida

Gamla-Cedron Group, an Israeli real estate investment firm, continues to buy up condo portfolios in Greater Tampa.

The latest deal: The company, led by Shaoul Mishal, purchased 144 of the 240 units in the Promenade at Tampa Palms for $6 million.

The price equated to $41,667 per unit.

The acquisition will give Gamla-Cedron Group control of the complex’s homeowners’ association. Tampa Palms is on Enclave Village Drive, near the intersection of Bruce B. Downs and Tampa Palms boulevards.

T. Sean Lance and John Burpee of NAI Tampa Bay represented the buyer. Still Hunter of Marcus & Millichap’s Fort Lauderdale office represented Guaranty Bank, which foreclosed on the property in February.

Tampa Palms is Gamla-Cedron’s third recent bulk condo acquisition in the Tampa region. Last year it purchased 149 units in the Arbors at Carrollwood for $5.8 million, which broke out to $38,926 a condo. Then, earlier this year, it bought 185 units at The Falls at New Tampa for $7.49 million or $40,500 per condo.

“The group bought two other properties in close proximity, which offers it additional economies of scale,” Lance says. “The units were pretty large and they had rental income. They averaged a little over 1,200 square feet a unit. The occupancy was [also] well above 90%.”

Gamla-Cedron plans to continue to rent the units in all its properties until the condo market improves. The company also seeks to buy other properties in Greater Tampa and South Florida.

 

Published May 21, 2010 | Business Observer Florida