Gamla-Cedron Group buys Preserve at Temple Terrace units

Published January 7, 2011
Business Observer Florida

Gamla-Cedron Group, an Israeli-based real estate investment firm, continued a condo buying binge with its fifth recent distressed bulk multifamily deal in the Tampa area.

The latest: The firm purchased the mortgage note covering 158 units in the 392-unit Preserve at Temple Terrace. The purchase price for the note was not disclosed.

The current property owner, Miami Beach-based Neviot Realty Holdings LLC, purchased the Class-A property in early 2006 for $46 million, or $117,347 a unit. Neviot planned a condominium conversion. The property is currently in foreclosure.

“This will be another great addition to our portfolio and will bring our total unit count in Florida to nearly 800 through six lender-owned transactions,” Shaoul Mishal, president of Gamla-Cedron, says in a press release. “We are still in active negotiations on another 1,000+ units throughout Florida and continue to seek out other well-positioned Class A bulk purchase opportunities in major markets in the Southeastern United States.”

BUYER: Gamla-Cedron Group, Israel

PROPERTY: various addresses on Sanctuary Cove Drive, Temple Terrace, formerly known as 7855 E. Fletcher Ave., Temple Terrace

PRICE: unknown (note sale)

PREVIOUS PRICE: $46 million, March 2006