Case Study

Managing Fractured Condo to Maximize Opportunities

Opportunity: Highly opportunistic investment of a 450-unit condominium in Tampa, FL.

Acquired: Dec. 2015

Cash on Cash:

14%

Internal Return Rate:

31%

Equity Multiple:

3.2X

Total Capitalization:

10M

Challenge

Extensive interior and exterior rehab needed, large pending receivables account, $600,000 utility bill, and 120 down units put this property in a financial deficit. This lead to high tenant dissatisfaction and low occupancy levels.

Execution

Completed structural improvements, pool remodeling, paint finishing’s, and unit upgrades. After renovations, condo owners were approached for purchase.

Outcome

  • Collections increased from 60k to over 225k as of 2018
  • Economic occupancy increased from 30% to 95%
  • Restructured Home Owners Association
  • Improved tenant relationships led to increased feedback.

Testimonial

“The team knew that acquiring Tzadik Oaks would take some time to stabilize due to its lack of upkeep; however, our experience in dealing with C-class communities allowed us to strategically revamp the site and ultimately attract and stabilize.”

CIO, Alex Arguelles

MICHAEL DAVALOS

SVP of Business Development

CONTACT US

(786) 295-9568
BIZDEV@TZ-M.COM
11098 Biscayne Blvd, Miami, FL 33161