An Israeli-based investment group closed on its fifth distressed bulk multifamily deal in Tampa Bay in the past 18 months.
Gamla-Cedron Group purchased the note for 158 units at Preserve at Temple Terrace that are currently in foreclosure. The lender and price of the late November transaction were not disclosed.
“This is a perfect acquisition for Gamla-Cedron because it fits in with their existing portfolio,” including 185 units at the adjacent The Falls at New Tampa, said T. Sean Lance, lead broker on the deal.