Cross-State Georgia Aquisition
As a chance to re-enter the Georgia landscape, Tzadik found itself with an off-market portfolio consisting of 1,010 units across Atlanta, Macon, and Albany.
Property Acquired April 2018
Cash On Cash
Internal Return Rate
An absence of strong marketing and property management had resulted in high staff turnover, tenant dissatisfaction, and underperformance. A severe backlog in deferred maintenance, paired with a heavy CAPEX lift had to be addressed and coordinated across three cities. 80% occupied at acquisition.
Successfully secured bridge financing at 85% of cost and immediately reinvested capital into improving property infrastructure, management services, and marketing. Upon stabilization, the property will be taken to permanent financing.
- Occupancy at 88%
- Over 50 units upgraded in less than 3 months.
- Strong onsite company culture
- Improved online presence
“This portfolio had a lot of employee turnover, while also being overstaffed which led to poor occupancy and overall NOI that considerably lagged the market.”
Adam Hendry, Tzadik Management CEO
SVP of Business Development
11098 Biscayne Blvd, Miami, FL 33161