Summer Lake Villas Portfolio
In May, Tzadik Management sold a portion of their portfolio consisting of 3 properties spanning over Fort Lauderdale, West Palm Beach and New Port Richey. Chief Visionary Officer, David Runyon, believes these properties have helped Tzadik Management progress toward their future goals:
“ The Summer Lake Villas portfolio brought a lot of synergy to our company. We believe that our time operating these properties has allowed us to confidently pursue our third-party and fee based management desires on a platform that stands on Company Culture, Values, and always looking to Make a Difference. ”
Tzadik Management has also completed the sale of the majority of their initial south Florida portfolio. The 11-property portfolio was brought down to just one after the sale of the 64-unit property in Opa-Locka at the beginning of June. Chief Investment Officer, Alex Arguelles, states:
“ What these properties have meant to our company is a great example of us Succeeding Together with taking into consideration all our relationships we’ve developed since the creation of our company. To see what we were able to do with these properties over the life of the investments is truly amazing. ”
The final property located in Western Miami Dade County, is currently under contract and set to close in the 3rd Quarter. The last sale will consummate the south Florida portfolio that started growing in 2010 and will now be completely sold in 2017, where Tzadik Management believes the market is near the top.
In addition to their recent sales in markets believed to be at or near all-time highs, VP, Michael Davalos spearheaded a major company institutional refinance on 15 properties throughout the state totaling $122,000,000.
This has substantially reduced the cost of capital and increased Tzadik ownership on the existing portfolio in excess of 4,000 units. Managing Director, Adam Hendry said
“ This refinance helped us Make It Happen strategically by repositioning ourselves as long term multifamily apartment holders , and bracing ourselves for what we view to be a quite uncertain marketplace in the next few years. We believe as the current cycle comes to an end, Tzadik will outperform the overall market and look to Never Stop Growing due to economic forethought. ”
We Never Stop Growing
Tzadik Management is extremely proud of their industry leading policies and procedures and plans on extending their upgraded operations to a third-party platform. With the goal of 10,000 units managed before the start of 2018, Tzadik Managment continues to be one of the most rapidly growing property management companies in the southeast.