Chance to purchase off market in an owner to owner deal.
1000+ unit portfolio that had fallen to disrepair due to mismanagement.
Three different cities, 2.5 hours apart from each other
Notoriously low vacancy
Poor training for existing team
Tzadik was able to secure debt with a bridge to agency financing at 85% a cost. Even with all the problems the properties had, Tzadik was able to start working off the financing in month one. A huge emphasis was given on making sure the properties had the resources needed to succeed. A strong company culture was also introduced, and value was added to the properties.
• Inbound of company culture and team training
• Occupancy stabilized due to corporate assistance
• Stronger online presence