Disaster Management and Loss Mitigation Strategy

Disaster Management and Loss Mitigation Strategy

OPPORTUNITY
Hurricane Matthew affected assets in South Florida, Orlando, Daytona Beach and Jacksonville. There was a need to work with restoration and insurance companies to utilize all potential options to restore the assets to original or improved state.
EXECUTION
Tzadik’s disaster management team was fully prepared for the storm weeks in advance. All proper precautionary measures such as proactive maintenance and resident awareness activation were completed. Post storm execution helped mitigate potential damage with several on the ground restoration teams present less than 24 hours after the storm. Thorough documentation of all damage allowed for recovery of all lost business profit.
OUTCOME
• $3.75 million saved due to Post Storm Asset
Inspection Protocol
• Occupancy stabilized due to preemptive
customer satisfaction
• All effected units were restored and
re-occupied in timely manner.

Maximizing Value & Minimizing Costs of Cardinal Housing

Maximizing Value & Minimizing Costs of Cardinal Housing

OPPORTUNITY
The potential to acquire over 350 Cardinal style units spanning over 4 properties. The assets needed stabilization, with occupancy dipping into the 70% range while also suffering from massive turnover. Collection totals had fallen to below 60%.
EXECUTION
The Cardinal Industry is unique in that all buildings and unit types have symmetry. Gaining a thorough understanding of the layout and structure of the units allowed for streamlined unit turns and in-house rehabilitation. A property face lift was conducted, with vinyl sidings added to all buildings to portray the cottage style community, bring a more modern feel to the asset.
OUTCOME
• Properties rank among the highest in the company in
occupancy
• Consistently total over 95% of GPR.
• Turnover is at record lows, creating cost effective
solution for seniors

Institutional Level Reporting Across All Asset Types 

Institutional Level Reporting Across All Asset Types 

OPPORTUNITY
Large Financial Institution in need of management specializing in multi-family, industrial and office retail. They required a third-party manager to analyze and stabilize newly acquired assets throughout Florida, and turnaround for sale.
EXECUTION
Tzadik quickly assumed management of the various assets. An audit of all rent rolls took place along with a through survey of all properties. A liens and violations audit was conducted and all were mitigated substantially.
OUTCOME
• Reporting met all auditing and compliance standards.
• All managed assets were quickly stabilized and
secured.
• Assisted in quick turn around sale, completed
in under six months.

Simultaneous Transition of 2,199 Units Statewide

Simultaneous Transition of 2,199 Units Statewide

OPPORTUNITY
13-property portfolio spread over 6 separate counties in Florida were acquired in October of 2014, all requiring significant improvement. Assets were operated under non-ideal circumstances for over a year prior to acquisition.
EXECUTION
Tzadik quickly transitioned the properties to match company culture. Policies and procedures were implemented to help bring stability to the assets before more substantial changes took place. Enhanced unit turn procedures were employed to reduce turnover cost. Millions of dollars in property improvements were infused into the assets. Thorough staffing procedures were conducted to equip the properties with a staff that reflected company values and standards.
OUTCOME
• Seamless addition of 2,199 units to our existing
portfolio
• Appraised Value doubled in just 3 years
• Employee and Resident Satisfaction at all-time highs

Managing Fractured Condo to Maximize Opportunities

Managing Fractured Condo to Maximize Opportunities

OPPORTUNITY
Extremely distressed asset available in Tampa, FL. where 353 out of 450 units were available for purchase. Asset needed extensive rehab and steady operations to stabilize the community that included over 120 down units. Majority of tenants had large accounts receivable balances along with $600,000 utility bill.
EXECUTION
Underwrote and acquired within 5 months, Management was adequately staffed. A rehabilitation strategy was developed and executed, with exterior improvements such as roofs, pool remodels, paint schemes and more preluded extensive interior work. Once the Capital Project Game plan was executed, individual condo owners were targeted and approached for purchase.
OUTCOME
• Monthly collections increased from $60,000 to over
$225,000 as of 2017
• Economic Occupancy increased from 30% to 95%
• Unit Count increased from 353 to 388 as of August 2017
• Appraised Value more than doubled since acquisition
• Leads recently restructured Home Owners Association

Increasing Property Value with Capital Improvements

Increasing Property Value with Capital Improvements

Opportunity
184-unit asset, located in Tampa, FL, just minutes from USF, was previously operated by a 10-year out-of-state owner. The property was failing to meet market standards with occupancy below 85%. The property suffered from inadequate marketing and unfavorable traffic which resulted in low retention. The exterior was in a dilapidated and decaying state.

Execution
A capital improvement plan was specifically created to include large-scale cub appeal enhancements and unit renovations. A new color scheme, improved landscaping and standardized sign revitalize the feel of the asset. Several amenities were added including a dog park and a gazebo. Move-in requirements were raised immediately to match a stronger marketing outreach.

Outcome
• Rent’s increased by an average of $200/door
• $6M Increase in Appraised Value over 12 months
• Re-position from C to B Class property
• Occupancy at resting 99%
• Turnover reduced by 60%