DLP recently partnered with Tzadik Management on a Senior Equity Partnership that represents one of our largest equity deals to date, at over $36 million. Recently closed in early April, it is an acquisition of 6 apartment communities totaling 1,010 units located in College Park, Warner Robins, and Albany, Georgia. DLP provided 80% of the overall equity to make this purchase.
Tzadik Management, an asset management and real estate developer, is based out of southern Florida. Larry Hickernell, Investor Success Manager at DLP Capital Partners, commented, “We have a good synergy with Tzadik. We analyze and perform due diligence on acquisitions very similarly as well as a mutual interest in the same types of properties and overall strategy of investing in value-added B & C class communities in secondary and tertiary markets.”
Hickernell continued, “Investing in this acquisition as the Senior Preferred Equity partner gives us the opportunity to increase consistency in our returns to investors and decrease risk. This strategy is a big part of DLP’s direction forward and the focus of DLP’s newest fund, the DLP Preferred Returns Equity Fund that will be offered late April to mid-May.”
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DLP Capital Partners Completes One of Our Largest Equity Deals to Date
ATLANTA, April 12, 2018 (GLOBE NEWSWIRE) — Tzadik Management announced Monday the acquisition of six off market, direct to seller, multi-family apartment communities in the state of Georgia. This acquisition totals 1,010 units that span between Houston, Dougherty and Clayton Counties. This marks yet another group of properties Tzadik has acquired outside the state of the Florida.
A groundbreaking acquisition for Tzadik Management, they now own and manage 27 communities throughout the Southeastern United States. “We are very excited to have been able to execute this acquisition. We have been looking to break back into the Georgia market for some time and we really felt this was the best opportunity to make it happen” said Founder and CEO, Adam Hendry.
Alexander Kaushansky, Vice President, Originations at Arbor Realty Trust, Inc., helped arrange acquisition financing for the portfolio. “It was a pleasure assisting on this sizeable reentry into the Georgia market,” Kaushansky said. “Tzadik has a strong vision for the future of these properties, and Arbor was able to support that vision with customized bridge financing combining excellent loan terms, speed and certainty of execution.”
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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.
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.