Exclusive: Fractured condo community in Carrollwood on the market
The South Florida investors who bought a suburban Tampa condominium community out of financial distress in 2009 are putting the units on the market for a bulk sale. Vertica Partners LLC, based in Tampa, is marketing 218 of the 390 units in Arbors at Carrollwood for sale. Arbors at Carrollwood is a fractured condominium because […]
NAI Tampa Bay: Gamla-Cedron makes another multifamily buy
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 […]
Israeli group buys leftover condos in Tampa Palms
The Gamla-Cedron Group of Israel has bought up its third set of bulk condominiums in the Tampa Bay area since last June, this time picking up 144 of the remaining condos at Promenade at Tampa Palms. The group of condos sold for $6 million, or $41,667 per unit, according to T. Sean Lance, managing director […]
ABBA finds familiar buyer in Gamla-Cedron for The Falls
A new owner has stepped in at The Falls at New Tampa, rescuing the 352-unit condominium conversion from foreclosure. Gamla-Cedron Falls LLC purchased The Falls for $7.5 million from Fletcher 26 LLC on Dec. 23, according to Hillsborough County property records. That includes 185 residential units and 43 garage units for $40,540 per unit. Fletcher […]
Investors buy Corus Bank distressed CRE loan portfolio
“In June, Shaoul Mishal of Gamla-Cedron Group, based in Israel, paid $5.8 million for 149 units at the Arbors at Carrollwood, a fractured condo project. He bought the $47.5 million Corus loan made in 2005. Many of the opportunities for investors in commercial real estate don’t involve the outright purchase of property, said Kobel of […]
Investors from abroad pay rock-bottom real estate prices
Within a week of signing a contract to buy 149 units at an Ehrlich Road gated condominium community, Israeli investor Shaoul Mishal wired $5.8 million to complete the all-cash deal. “If I shake hands on a deal, I’m a closer,” Mishal said in a telephone interview from Israel. Mishal’s Gamla-Cedron Group, based in Israel, is […]
Investor Gamla-Cedron buys Arbors condo conversion at discount
Israel-based Gamla-Cedron Group bought 149 units at the Arbors at Carrollwood for $5.8 million, or $39,000 per unit — a $96,000 discount per unit from what ABBA Real Estate Development Group paid in 2005. “It’s a very low price,” said Byron Moger, executive director of apartment brokerage at Cushman & Wakefield of Florida Inc. “It’s […]