Tzadik Management announced Monday the sale of their last property in Miami Dade County. This marks the final sale of their inaugural portfolio, that began with acquisitions in 2010.
‘Opa-Locka Holdings’ was a 9-property portfolio spanning across the Liberty City and Opa-Locka area. The assets were acquired individually in various distressed states starting in 2010, introducing Tzadik into the Multi-Family industry. On Thursday August 24th, “7001 Building” located in Liberty City, was sold. This completed the sale of the entire portfolio, selling for over $15.8 million.
Many of these assets were acquired as vacant shells that required extensive exterior and interior rehabilitation to be suitable for occupancy. These properties were renovated and stabilized prior to sale. “These assets were an array of short sales, foreclosures and other distressed real-estate opportunities. We are extremely happy we were able to complete our turnaround strategies and create value for our investors” said Chief Investment Officer, Alex Arguelles.
Throughout their 7-year ownership of the properties, Tzadik helped turnaround both the assets and the neighboring areas, “We made a difference in the community and we are happy to see our vision executed” said Chief Executive Officer, Adam Hendry.
Tzadik is a fast growing, innovative, and driven real estate and property management company based in Miami, Florida. Since its formation in 2007, Tzadik has managed over $700 million in apartment complexes and over 10,000 units throughout the entire state of Florida. Through excellent management, a focus on company culture, and a tech driven style of operating, Tzadik management has established a reputation for building lasting relationships. Continue to be on the lookout for similar dealings in the near future.
Summer Lake Villas Portfolio
In May, Tzadik Management sold a portion of their portfolio consisting of 3 properties spanning over Fort Lauderdale, West Palm Beach and New Port Richey. Chief Visionary Officer, David Runyon, believes these properties have helped Tzadik Management progress toward their future goals:
“ The Summer Lake Villas portfolio brought a lot of synergy to our company. We believe that our time operating these properties has allowed us to confidently pursue our third-party and fee based management desires on a platform that stands on Company Culture, Values, and always looking to Make a Difference. ”
Tzadik Management has also completed the sale of the majority of their initial south Florida portfolio. The 11-property portfolio was brought down to just one after the sale of the 64-unit property in Opa-Locka at the beginning of June. Chief Investment Officer, Alex Arguelles, states:
“ What these properties have meant to our company is a great example of us Succeeding Together with taking into consideration all our relationships we’ve developed since the creation of our company. To see what we were able to do with these properties over the life of the investments is truly amazing. ”
The final property located in Western Miami Dade County, is currently under contract and set to close in the 3rd Quarter. The last sale will consummate the south Florida portfolio that started growing in 2010 and will now be completely sold in 2017, where Tzadik Management believes the market is near the top.
In addition to their recent sales in markets believed to be at or near all-time highs, VP, Michael Davalos spearheaded a major company institutional refinance on 15 properties throughout the state totaling $122,000,000.
This has substantially reduced the cost of capital and increased Tzadik ownership on the existing portfolio in excess of 4,000 units. Managing Director, Adam Hendry said
“ This refinance helped us Make It Happen strategically by repositioning ourselves as long term multifamily apartment holders , and bracing ourselves for what we view to be a quite uncertain marketplace in the next few years. We believe as the current cycle comes to an end, Tzadik will outperform the overall market and look to Never Stop Growing due to economic forethought. ”
We Never Stop Growing
Tzadik Management is extremely proud of their industry leading policies and procedures and plans on extending their upgraded operations to a third-party platform. With the goal of 10,000 units managed before the start of 2018, Tzadik Managment continues to be one of the most rapidly growing property management companies in the southeast.
MIAMI, December 7th, 2016:
Tzadik Management has closed on the sale of the 7136 Building, one of the earliest properties ever owned by Tzadik. The 20-unit apartment complex located at 7136 NW 14th Place, sold yesterday ending Tzadik’s 6-year ownership of the property.
This sale caps the latest distressed property disposition orchestrated by Tzadik, further establishing the trend they have set in past years. “We were able to take a shell of a building and revitalize it into a home. We are comfortable knowing we leave this property in far greater shape than when we acquired it” said Chief Executive Officer, Adam Hendry. The building sold for $800,000 and are 2 the 16 buildings sold in the South Florida Region this year.
Tzadik started in 2007 with one, two-story 36-unit, apartment complex in Miami, FL. Today, they own over 25 different multi-family apartment communities in 10 different cities, totaling over 4,500 units. They have managed over $300 million in apartment complexes and luxury condo developments. As one of the most rapidly growing Multi-Family management companies in the state, continue to look for more re-capitalizations and acquisitions in the future.
MIAMI, October 18th, 2016:
Tzadik Management has closed on yet another Miami Apartment sale. The 2-Story, 36 Unit Garden Style Building located at 820 NW 70th Street in Miami, FL sold yesterday for $1.35 Million, ending Tzadik’s 5-year ownership of the property. This sale is the latest in a series of sales completed by Tzadik in the Miami area in the past year.
This sale caps the latest distressed property flip orchestrated by Tzadik, further establishing the trend they have set in past years. “We were able to take advantage of the opportunity to revitalize what at the time was a distressed and run down property” said Chief Acquisitions Officer, Alex Arguelles. “Our ability to recognize the potential in this area and capitalize on it is encouraging moving forward.”
Tzadik has managed over $300 million in apartment complexes and luxury condo developments. As one of the most rapidly growing Multi-Family management companies in the state, continue to look for more sales and acquisitions in the future.
In another step of analogous sales, Tzadik Management has sold two of their earlier assets, 1251 and 1281 NW 61st Street for $1.45M million in early September.
Falling in line with their niche market approach of distressed real estate acquisition and turn-around, these sales act as a thorough illustration of their business model. “Looking back on these acquisitions, I am proud of what we were able to accomplish on this sale given the many challenges the properties posed” said Managing Director, Adam Hendry, “Our goal was to make a difference for all parties involved and I believe we did that”.
The sale is one of many transactions completed by Tzadik this year. “Being able to sell these two properties at the right price allows us to reinvest and expand into other markets. It was really an overwhelming success” said Chief Visionary Officer, David Runyon. Tzadik recently acquired 6 new properties in both Orange and Volusia counties, bringing their total units to over 4,500.
Tzadik has been active in the real estate market since 2007. Today, they own over 30 different multi-family apartment communities in 10 different cities. They have owned and managed over $450 million in apartment complexes and condo developments throughout the state of Florida. As one of the most rapidly growing Multi-Family management companies in the state, they look towards more strategic acquisitions and expanding their institutional third party management platform both statewide, as well as in the southeast United States.