Miami firm makes big buy of apartments in Volusia

Miami firm makes big buy of apartments in Volusia

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 Apartments.

“We’re doing rebranding and are planning to make several improvements to the property,” he said.

Tzadik is the Hebrew word for righteous and all-knowing, Thrift said.

The Lohman family recently paid $4.8 million to acquire Seabreeze Pointe Apartments, a 148-unit complex at 458 Brentwood Drive in Daytona Beach. The complex has been renamed Eagle Point.

“We are still in an acquisition mode,” Ty Lohman said.

The Lohmans owned the apartment properties they sold to Tzadik Management for three years. They purchased the properties from the proceeds the family received from the 2012 sale of their 12 funeral homes and cemeteries in the Volusia-Flagler area.

Victor Lohman, Lowell’s brother, was also one of the owners of Lohman Funeral Homes but chose to not go in with the rest of the family in investing in apartment properties.

http://www.news-journalonline.com/news/20160812/miami-firm-makes-big-buy-of-apartments-in-volusia

 

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.”
 

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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.

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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 future.

Tzadik Management Closes $81 Million Acquisition

Tzadik Management Closes $81 Million Acquisition

Tzadik Management, a premiere development group in Miami, announced the acquisition of 2,199 apartments across the state of Florida, the largest acquisition of its type on a per unit basis in the state of Florida and among the top for the United States in 2014.

The company successfully financed and purchased 13 multifamily communities in the major Florida markets of Tampa Bay, Orlando, Lakeland, Sarasota and Jacksonville. The deal was a combined effort by Tzadik team members including Adam M. Hendry, David Runyon, Matt McCallister and Alex Arguelles. Hendry, President and Managing Member of Tzadik Management, said the purchased of these multifamily communities represents the company’s philosophy and future.

“We look to purchase off market and special circumstance real estate,” said Hendry. “This acquisition completely encapsulates our investment philosophy and the future of our company.”

Since its creation in 2007, Tzadik has managed over $300 million in apartment complexes and luxury condo developments. As a rapidly growing, full-scale, opportunistically driven real estate company based in Miami, Florida, Tzadik tries to be ahead of the curve while applying industry best practices. Tzadik’s team is experienced in buying, owning and managing properties in not just class-a locations, but also difficult neighborhoods. The company also specialize in helping distressed owners and sellers reposition their properties to ensure that the asset does not deteriorate and that sales price is maximized.

The company views all members of the process a part of Tzadik’s family, be it: vendors, employees, capital partners, investors, or residents. The development team is renowned for creating upscale, luxury and contemporary residential projects. Tzadik now sits among the larger players in Florida with almost 3500 apartments and over 100 employees as the company tries to create an environment for success, health and happiness for all members of the Tzadik family through a superior process and innovation.

For more information, visit tz-m.com.