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.

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