Tzadik Management Sells Original Property

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....

Tzadik Management Completes Another Miami Sale

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....
Eagle Apartments Portfolio Trades Hands in Central Florida

Eagle Apartments Portfolio Trades Hands in Central Florida

By: Justin Summer Eagle Properties Management Company sold its six-property multifamily portfolio totaling 1,244 units across Central Florida to Tzadik Management for $63 million, or about $51,000 per unit. “The Eagle Apartments Portfolio offering was a rare opportunity to acquire a critical mass of units within some of the fastest-growing rental markets in Florida,” says Michael Donaldson, a vice president investments in Marcus & Millichap’s Tampa office. The six properties are all located within 30 minutes of each other within the Orlando MSA near Daytona Beach. At the time of sale, the portfolio’s occupancy averaged 94 percent, and included the following properties: Millennium Eagle, 200 units at 4255 Barwood Dr. in Orlando; Eagle Reserve, 344 units at 3997 Rosewood Way in Orlando; Eagle Bay, 248 units at 1225 S. Beach St. in Daytona Beach; Eagle Oaks, 232 units at 2050 S. Ridgewood Ave. in South Daytona; Eagle Park, 120 units at 1049 Brentwood Dr. in Daytona Beach; and Eagle Briar, 100 units at 200 Robert St. in New Smyrna Beach, FL. “Now is an excellent time to have acquired a substantial stake in the multifamily markets of Orlando and greater Daytona Beach as more than $5 billion in new development is taking place in those metros,” noted Evan P. Kristol, senior vice president investments in Marcus & Millichap’s Fort Lauderdale office. The buyer, a Miami-based private investor, will be able to increase revenue across the portfolio through stabilization, strategic renovations or improving management efficiencies, according to Kristol. Tzadik Management now owns more than 4,500 units across 30 apartment communities. Michael Donaldson, Nicholas Meoli, Evan Kristol and Still Hunter III...
Miami firm makes big buy of apartments in Volusia

Miami firm makes big buy of apartments in Volusia

By Bob Koslow and Clayton Park, bob.koslow@news-jrnl.com, clayton.park@news-jrnl.com DAYTONA BEACH — The former owners of Lohman Funeral Homes recently sold four apartment complexes in east Volusia County as part of a larger sale that included two apartment properties in Orlando. The Lohman family have used some of the proceeds from the $63 million they received from the sale to Miami-based Tzadik Management to acquire another apartment complex in Daytona Beach. “We didn’t intend to sell. They weren’t on the market,” said Lowell Lohman, who owned the complexes with his wife, Nancy, and son, Ty. “We got a nice offer and agreed to sell.” Tzadik Management is a company led by founder/president Adam M. Hendry that with the addition of the 1,244 units it acquired from the Lohmans now owns more than 4,500 apartment units throughout the state, said spokesman Tyler Thrift. The acquisition, which closed Aug. 10, gives Tzadik Management its first apartment complexes in Volusia County, which may not be its last, Thrift said. “We’re always on the lookout for new opportunities that fit our investment strategy,” he said. The four Volusia County apartment communities sold to Tzadik have a combined total of 682 units and accounted for $35 million of the total acquisition amount. The local properties were the Eagle Bay Apartments in Daytona Beach, Eagle Oaks Apartments in South Daytona, Eagle Park Apartments in Holly Hill and Eagle Briar Apartments in New Smyrna Beach. All have been renamed. Eagle Bay is now Tzadik Bay Apartments, Eagle Oaks is now Tzadik Ridge Apartments, Eagle Park is now Tzadik Park Apartments and Eagle Briar is now Tzadik Rose...