Israeli investor group buys Cedar Hollow Apartments

BUYER: MH Florida Assets LLC (managers: Boaz and Osnat Harel), Las Vegas
SELLER: East Tiger USA LLC
PROPERTY: 7209 34th St. N., Pinellas Park
PRICE: $2.04 million
PREVIOUS PRICE: $2.48 million, January 2009
LAW FIRM ON DEED: American National Title LLC, Largo

PLANS, DESCRIPTION:
A Tel Aviv, Israel, investment firm led by Boaz and Osnat Harel purchased the 42-unit Cedar Hollow Apartments for $2.04 million.

The price equated to $48,571 per unit. That figure is less than the two-year average price per unit for multifamily space ($72,609) in the Tampa Bay area, according to the CoStar Group.

Cedar Hollow Apartments was built in the mid-1980s and consists of a mixture of one- and two-bedroom apartments on 2.54 acres. The property was 88% occupied at the time of sale.

Casey Babb, vice president of investments in Marcus & Millichap's Tampa office, represented the buyer.

“Cedar Hollow was purchased all-cash after a short contingency period and closed in under 30 days to an international investor who is making his first investment in our market,” Babb says in a press release.

Boaz Harel is the co-founder and chairman of Mashik Ltd., an Israeli firm that offers procurement and logistics consulting services, and is president and senior partner of the venture capital and private equity investment entity Catalyst Investments LP.