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...
Tzadik Management Expands Over Daytona While Adding 1,244 Units to its Rapidly Growing Portfolio

Tzadik Management Expands Over Daytona While Adding 1,244 Units to its Rapidly Growing Portfolio

MIAMI, FL- August 11th, 2016—Tzadik Management is proud to announce the acquisition of six multi-family apartment communities spanning over both Orange and Volusia counties and totaling 1,244 units. Tzadik adds two of the communities to their existing group of Orlando area properties while the remaining properties expand Tzadik into the greater Daytona area. Tzadik Founder and CEO, Adam M Hendry, is excited about the cascading effects of this purchase, “This has been a tremendous team effort enabling us to Make a Difference in the lives of so many people associated with this acquisition.”   Chief Acquisitions Officer, Alex Arguelles, commented, “We saw an opportunity to expand our growing footprint in Central Florida and worked together to execute our business strategy.”   This acquisition is the latest in a series of recent purchases made by Tzadik placing them in the top 15 multi-family investors in central Florida. However, this is the largest single purchase Tzadik has closed on since surprising the market with an $81 million acquisition back in October of 2014. “One of our Core Values is to Never Stop Growing, and it is a real pleasure to see where we started and where we are headed” said Chief Visionary Officer, David Runyon.   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, totaling over 4,500 units. 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...
Tzadik Management adds to Tampa Portfolio

Tzadik Management adds to Tampa Portfolio

Tzadik Management has acquired another Tampa area Multi-Family community. Timberfalls Apartments, located at 2600 E. 113th Ave, is a 2-story, 184 unit apartment complex consisting of both 1 and 2 bedroom units. This acquisition marks now the 5th property Tzadik has purchased in the Tampa area, all within the same 5-mile radius. This comes just a few months after Tzadik acquired University Oakwoods, less than a mile from Timberfalls. Tzadik plans to make several renovations to the complex over the coming months. “We have had our eye on this property for awhile” said Chief Executive Officer, Adam Hendry. “Being able to own and operate such a large amount of properties in this area really helps spread our name and message. Our goal is to be a top industry name in that area and I believe we are right on track.” 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. ###...
Tzadik Management Acquires Newest Tampa Property

Tzadik Management Acquires Newest Tampa Property

Tzadik Management has expanded their Tampa area Multi-Family community with the purchase of the 453-unit community formally known as University Oakwoods, located at 1250 E. 113th Ave in Tampa, FL. This is now the 4th property owned and operated by Tzadik in the North Tampa area. Tzadik has changed the Complex name to ‘Tzadik Oaks’ and plans to do large scale renovations to rejuvenate the property. “We see so much potential in this property and we can’t wait to get started” said Chief Acquisitions Officer, Alex Arguelles. “I believe our past acquisitions have really prepared us to tackle such a large project in Tzadik Oaks, I can’t wait to see the finished product.” Tzadik plans to conduct renovations to all Loft and Studio Units within the community, while also adding several upgraded amenities to the complex, such as a Pool and Spa area and brand new Fitness Center. 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...