Tzadik Management has completed the Sale of the 7451 Building on Harding Avenue in Miami Beach, FL. The 26-unit Apartment Complex was acquired by Boardwalk Properties LLC for $128,827 per unit.
Initially acquired by Tzadik in April of 2013, the property was in a dilapidated state, in need of significant repair and improvement. After nearly 2 years of remodeling and expansion, the property was reoccupied and ultimately sold at over 4 times the price of the original purchase.
“This is a trend we are looking to establish” said Chief Visionary Officer, David Runyon. “We believe there is strong potential in helping revitalize distressed real-estate, and this sale is our first of many major acts of success in that department.”
Adam Hendry, Tzadik President and CEO, feels transactions like these represent his company’s strengths, “This endeavor truly epitomizes our investment philosophy and acts as a step toward our bright future”.
Tzadik is a precipitously growing, innovatively driven real estate company based in Miami, Florida. Since its formation in 2007, Tzadik has managed over $300 million in apartment complexes and luxury condo developments. Through excellent processes and originality, Tzadik has established a reputation for success, health and happiness.