Tzadik Management closed late Wednesday afternoon on the sale of a 196-unit community located near Atlanta, GA. The sale, totaling well over $15.5M, was the third community Tzadik has sold in the past two months.
ATLANTA, Oct. 18, 2019 (GLOBE NEWSWIRE) — Tzadik Management closed late Wednesday afternoon on the sale of a 196-unit community located near Atlanta, GA. The sale, totaling well over $15.5M, was the third community Tzadik has sold in the past two months. Closing on two Albany area communities in Q3, Tzadik still has decided to strategically keep a Georgia footprint via locations in Warner Robins, GA.
This sale ranks amongst the highest in price per door for workforce housing in the Atlanta area, with their price of $80,357 per door more than doubling their purchase price at under $40,000 just a year and a half ago. “This is a true testament to the amazing work of our construction and asset management teams,” said Chief Executive Officer, Adam Marcus Hendry. “We were pleasantly surprised with how quickly we were able to reposition the community given the various market factors we had to deal with.”
This is the first of many moves the company plans to make in Q4. In addition to adding several communities in Houston, Omaha, Sioux Falls and Rapid City, Tzadik is set to break into the North Dakota market with properties set to close in both Dickinson and Fargo. The company is also planning to break back into the commercial real-estate market, eyeing up to 60 properties in the Central Florida region via buying a company.
Tzadik is a growing, innovative, and driven real estate and property management company based in Miami, Florida. Since its formation in 2007, Tzadik has managed over $1 billion in apartment complexes and commercial real estate, totaling over 19,000 units in more than 20 states. Through excellent management, a focus on company culture, and a tech driven style of operating, Tzadik management has established a reputation for building lasting relationships.