Multi-family Property Management Company, Tzadik Properties, LLC, Reaffirms Commitment to its Residents and Upholding Quality Standards of Living in its Communities

Multi-family Property Management Company, Tzadik Properties, LLC, Reaffirms Commitment to its Residents and Upholding Quality Standards of Living in its Communities

TAMPA, FL – (September 14, 2020) – Tzadik Properties, LLC an industry-leading, multi-family property management company based in Miami-Dade County, Florida and in Sioux Falls, South Dakota, was recently the subject of a Tampa Bay Times article published in regards to its properties in and around the Tampa Bay area.

Of the referenced properties, only Timberfalls is owned by Tzadik; the remainder are third-party managed. As such, Tzadik is subject to constraints contained within the owners’ capital expenditures budgets in undertaking repairs and maintenance but has made improvements to the full extent possible at both Timberfalls and the third-party managed properties.

Since acquiring Timberfalls, Tzadik Properties, LLC has spent $1,511,492 in capital expenditures, which go above normal repairs and maintenance; and of that, $65,094 has been spent during the COVID-19 pandemic. The damages noted in the article are in the process of being repaired. In fact, contracts have been signed for $626,000 worth of repairs and should be commencing shortly, based on third-party contractors.

“Tzadik Properties, LLC continues to seek out and work with a range of agencies and organizations for even quicker repairs and to be able to offer even more rent concessions to its tenants during these challenging times,” said Adam Hendry, founder and CEO of Tzadik Properties. “As a company, we strive to do the right thing – for our residents, for our staff and for the communities in which we serve.”

Related to work orders and maintenance requests, from March 1, 2020 to July 31, 2020, Tzadik had 836 work orders submitted and completed at its Florida properties. During the previous 5-month span of October 1, 2019 to February 28, 2020, Tzadik only had 228 work orders submitted and completed. This presents an increase of 366% in work orders that were completed during the COVID-19 pandemic.

Since taking over the properties in Hillsborough County six years ago, $4,657,039.56 has been spent on capital repairs, including major improvements and replacements such as siding, roofs, tubs, flooring, HVAC, etc. In addition, for the Tampa properties, $788,884 was spent from January 2020 to August 2020 on normal repairs and maintenance (painting, patching of walls, small repairs, repairing a faucet or toilet, repairing AC filters, etc.).

Further, another $368,753 was spent on contracts such as maintaining sprinkler systems, landscaping, lift station repairs, pool maintenance, security, etc. Of that amount, $36,234 was spent on pest control.

The article also questions Tzadik’s delinquency and eviction process in relation to Governor DeSantis’ Executive Order suspending residential evictions due to COVID-19. Per the company’s policy on notices, Tzadik continued to offer residents ample opportunities to work out payment arrangements. From March 1, 2020, to present, Tzadik has provided concessions to prevent eviction for 33 of its Timberfalls residents, totaling $16,335. During this timeframe, Tzadik extended concessions to prevent evictions to 360 residents at its properties throughout the state of Florida, for a total dollar amount of $829,323. Throughout Hillsborough County, at its 11 properties, Tzadik provided $172,000 in total concessions, which saved 93 residents from eviction. In addition, Tzadik provided 1,448 of its Florida tenants with $80 rental credits for prepaying their rent during the months of May, June and July, in the total amount of $118,840.

Tzadik Properties, LLC granted $671,000 of concessions and credits to renters for the TZA portfolio, which consists of Tampa-owned properties as well as Winter Haven and Jacksonville, totaling 14 properties. Company-wide, from March through August, Tzadik offered concessions to 5,465 tenants to go towards moving in, resident referrals, renewals and miscellaneous resident concessions in the amount of $854,351.26.

The total amount of concessions/credits that Tzadik granted to renters at Timberfalls who were at risk of eviction was $88,000. Tzadik worked with renters who were willing to speak with property management and offered 50% off all balances that had more than one month’s rent in arrears in exchange for them paying the other half.

At one property that Tzadik third-party manages, there was a miscommunication between the site level and outside evictions counsel regarding whether the property was financed with a federally backed mortgage, leading to a handful of arguably questionable evictions that were dismissed immediately upon discovery.

Of note, two of the tenants interviewed for the Tampa Bay Times article were placed in evictions in March, before lockdown measures and after months of rental delinquencies. One individual who was referenced in the article is an unauthorized resident who has been arrested on property before. The leaseholder of that unit has a current balance is $4,968.65, and has not made any payments or responded to Tzadik’s offers of waiving half of the balance. Assistance options were sent to her door and emailed on June 15, 2020. Again, the tenant has been unresponsive to all collection efforts. Since the beginning of March, that unit has submitted seven work orders. All were completed with completion notes, and the unit has not submitted a repair request since May 1, 2020.

Regarding the PPP loans referenced in the article, they are irrelevant to the evictions and property conditions as acceptance of PPP funds was not conditioned upon eviction forbearance. As suggested by its name, the Paycheck Protection Program was designed to cover payroll costs and keep employees employed. Unlike most of its peer property management companies, all of its employees remained on-site to serve the tenants throughout the pandemic and that is what the funds were expended on. In fact, at the beginning of March, before COVID-19, the company had four employees at Timberfalls. By mid-April, it had five employees and was looking to hire additional employees to take care of work orders, and in June it had six employees – in which one was an additional newly added position. Currently, Timberfalls has five employees and one open position. In Hillsborough County, six new maintenance positions have been added since April after the pandemic began to better handle the 300% increase in resident repair requests/work orders.

Due to the PPP loan, Tzadik Properties, LLC was able to retain all its employees company-wide. The loan was also used to provide all Tzadik employees with the newly created Tzadik Stimulus Package, which helps all 217 employees with added expenses due to the COVID-19 pandemic. Expenses include hand sanitizer, child daycare, indoor children’s toys, TV streaming programs memberships, roommate/spouse job loss, household income loss, and to thank employees for showing up to work every day to assist residents during these uncertain and unusual times.

Per the PPP program, funds also went to keep residents and employees safe per the CDC guidelines and recommendations for COVID-19. Related expenditures included PPE, video doorbells, additional cleaning supplies, masks, gloves, sanitizers, etc.

Throughout the COVID-19 pandemic, Tzadik Properties has maintained 96% stabilized occupancy and is continuing business as usual, meaning that all offices and properties were open, including:

  • 97% daily employee attendance
  • All work orders completed
  • Hand sanitizer stations installed at each entrance in the corporate office
  • Team meetings held via Microsoft Teams so everyone can remain socially distant
  • Keeping residents informed on coronavirus and protocol updates, and maintaining open communication for them to ask any questions
  • Supplying ample personal protective equipment (PPE) to all sites and keeping supplies stocked (PPE includes masks, hand sanitizer, body shields for maintenance workers and face shields)
  • All employees abiding by the Centers for Disease Control and Prevention (CDC) guidelines of staying 6 feet apart at all times, even while continuing to give in-person tours as they were requested

Moving forward, Tzadik Properties is continuing to meet with organizations such as City of Tampa Housing and Community Development, Department of Code Enforcement for the City of Tampa, and others, to ensure the end result is positive for the residents, the community and the company. Additionally, Tzadik had reached out to Councilman Luis Viera twice. Tzadik and Councilman Viera are in the process of scheduling a follow-up phone call.

Tzadik is also working with Rapid Rehousing, a subset of the Housing First approach to end homelessness, which is designed to help those who are homeless or at risk of losing their home. During COVID-19, Tzadik placed approximately 10 of its Florida-based tenants in that program, which will cover rental costs for one year. This program is one example of ways in which Tzadik Properties works towards its goal of providing affordable and sustainable housing for all.

Angel Flores“Tzadik did not shut down any leasing offices or put a halt to any resident work order requests after COVID hit. Because work orders increased so much during the pandemic, we hired 6 extra positions in maintenance here at our Tampa properties and that has really helped us keep up with the higher demand. All team members were issued PPE including face shields, bodysuits, gloves, masks, hand sanitizer and other cleaning supplies to keep us safe. We also increased our cleaning of common areas, the office and anywhere residents may frequent.”
-Angel Flores, Tampa Area Maintenance Manager

 

Vanessa Grant“I have been employed with Tzadik since March 2018. When many lost their jobs, Tzadik Management ensured our jobs were not only safe but that our residents could still live during this time knowing their landlords are here to support them every day. I have had extensive experience with property management companies from Greystar to the St. Petersburg Housing Authority and the commitment level Tzadik has shown during these troubling times deserves some recognition and should be talked about publicly. I could not be happier to be a part of such an amazing team and company.”
-Vanessa Grant, Multi-Site Property Manager

 

Dwone Burse“Throughout the pandemic, Tzadik has given me the platform to work and assist our residents during a very difficult and uncertain time. I created a community food bank, delivered food boxes and contacted dozens of agencies to solicit assistance to help our resident meet their financial obligations. Not only did Tzadik allow these activities during the workday, they encouraged me to do more and met my enthusiasm by allowing residents to clear their outstanding balance by paying 50% of the amount owed. I am proud to work for such a great company.”
-Dwone Burse, Property Manager for Bella Mar, Tampa

 

Leslie Dupont“I’ve been a resident for 7 years. I’m very pleased with everything that has taken place. I don’t have any issues and am grateful to live here. This property is a wonderful place to live and all of my maintenance requests are taken care of. I have been really pleased with the new manager of maintenance. They are a great team. I would recommend anyone to live here. My daughter has lived here for 2 years. She loves it also.”
-Leslie Dupont Parker, Timberfalls Resident

 

Elsie Flacher“I am very satisfied with the service that I am getting from maintenance.”
-Ronald Shannon and Elsie Flacher, Timberfalls Resident

 

 

 

About Tzadik Properties, LLC
Tzadik Properties, LLC is a growing, innovative and driven real estate and property management company based in Miami, Florida. Since its formation in 2007, Tzadik has managed more than $1 billion in apartment complexes, over 15 million square feet of commercial real estate, and more than 19,000 units in over 20 states. Through excellent management, a focus on company culture, and a tech-driven style of operating, Tzadik has established a reputation for “Building Lasting Relationships.” In 2020, Tzadik acquired JM Real Estate, Inc., a full-service, commercial property management, leasing, sales and investment acquisition company that is located in Brevard County, Florida, and serves from Titusville to Palm Bay. For more information about Tzadik, visit https://tz-m.com or call (305) 770-6383.

Contact:
Durée & Company, Inc.
954-723-9350
tzadik@dureeandcompany.com

Property Management Company Tzadik Acquires JM Real Estate

Property Management Company Tzadik Acquires JM Real Estate

MIAMI, July 06, 2020 (GLOBE NEWSWIRE) — JM Real Estate, Inc., a full-service commercial property management, leasing and sales company based in Brevard County, Florida, was acquired by Tzadik Management, an industry-leading, multi-family property management company based in Miami-Dade County, Florida and in Sioux Falls, South Dakota. The acquisition includes management contracts for 60 locations, totaling over 2.5 million square feet of retail, office, medical and industrial-type properties.

“We are thrilled to join our principles with Tzadik Management, a larger management company, and continue to expand outside our local market,” said Jewel McDonald, broker/director of Brokerage Services for JM Real Estate, Inc. “This acquisition allows us to stay competitive with today’s technological advancements in commercial property management and brokerage activities.”

JM Real Estate, Inc., which was founded in 1997, has a current portfolio of approximately 2.5 million square feet and an estimated value of more than $300 million. It has been involved in millions of square feet of acquisitions and dispositions of commercial investment properties, primarily multi-tenant office and retail spaces. The company has also been involved in development projects, and ultimately disposition spanning the full spectrum of commercial investment real estate.

This marks the first acquisition in 2020 for Tzadik Management, a rapidly growing and innovative company. While Tzadik Management currently owns and manages commercial real estate nationwide, this is the first time the company has acquired a commercial brokerage real estate firm. JM Real Estate, Inc., has thrived in its local market of Melbourne, Florida, and Tzadik Management has been successful at expanding and branching into new markets. This acquisition allows for a strong, full-service real estate company, that offers both residential and commercial services.

A few of the projects that Tzadik Management currently manages are Tzadik Bay in Daytona Beach, Florida; and City View Apartments in Omaha, Nebraska.

JM Real Estate, Inc., has recently leased or sold several high-profile properties. These include a new management contract for Shoppes of Minton in West Melbourne, Florida; a renewal with Ross Stores and TGI Fridays in the Best Buy Plaza in Melbourne, Florida; and significant leases in the Rialto Place Office Tower for L3 Harris in Melbourne, Florida.

As the market begins to turn via receivership and third-party opportunities, Tzadik Management is poised to acquire assets. Since being founded in 2007, Tzadik Management has managed more than $1 billion in apartment complexes, over 15 million square feet of commercial real estate, and more than 19,000 units in over 20 states.

In 2020, Tzadik Management will continue to strategically target property management partners whose core values align with its own, while also expanding its real estate investments in the Upper Midwest and other special circumstance acquisitions.

Overseeing the onboarding and transition for the acquisition is Christina Alletto, chief people officer with Tzadik Management and president of JM Real Estate, Inc.

“We look forward to this integration and building on an already stellar reputation,” said Alletto. “Through excellent management, a focus on company culture, and a tech-driven style of operating, we are pleased to bring a new level of automation and customer service to the JM team.”

About Tzadik Management and JM Real Estate, Inc.

Tzadik Management is a growing, innovative and driven real estate and property management company based in Miami, Florida and Sioux Falls, South Dakota. Since its formation in 2007, Tzadik has managed more than $1 billion in apartment complexes, over 15 million square feet of commercial real estate and more than 19,000 units in over 20 states. Tzadik acquired JM Real Estate, Inc., a full-service, commercial property management, leasing, sales and investment acquisition company that is located in Brevard County, Florida. JM specializes in multi-tenant office, retail, medical and industrial properties, and serves from Titusville to Palm Bay. JM has represented millions of square feet of acquisitions and dispositions of commercial investment properties, primarily multi-tenant office and retail. For more information about Tzadik, visit https://tz-m.com or call (305) 770-6383. For more information about JM Real Estate, Inc., visit www.JMRealEstate.com or call (321) 242-2882.

Tzadik Management Closes on $80M Refi

Tzadik Management Closes on $80M Refi

MULTIFAMILY
HOUSING NEWS

Press Release

The company secured permanent financing for two apartment portfolios totaling 1,100 units in Sioux Falls, S.D.

Tzadik Management has closed on an $80 million refinance of two apartment portfolios with a total of 1,110 units in Sioux Falls, S.D. The company acquired the portfolios, which span 22 communities, in 2018 and 2019, successfully repositioned them and was able to capitalize on the current low-interest rate environment by securing permanent financing.

Tzadik purchased the first portfolio in the state’s most populous city in October 2018 with a bridge loan and subsequently oversaw $5 million in capital improvements, with another $4 million planned to be completed in the next year. The firm picked up the second portfolio in March 2019.

The Miami-based company, which has managed more than $1 billion in apartment communities and 19,000 units in more than 20 states since its inception, decided in 2018 to invest in markets that had not previously been affected by economic downturns. Tzadik noted in a statement that the company was able to maintain 97 percent physical attendance across all its offices, including corporate offices, as an essential business during the coronavirus pandemic.

The company rolled out a number of distancing and sanitation measures in order to remain open and keep its staff on-site, including offering virtual communication options, virtual movie nights and Facebook group chats for residents and providing all its office visitors with sanitizers and masks. In a statement earlier this month, Tzadik said that it offered physical property tours, but made sure to keep at least 6 feet of distance between every person.

The company also provided a small internal pay stimulus to its employees to help them through financial difficulties caused by the pandemic and its associated economic shocks.

Kathy Hopkins

Quotes

“If your actions inspire others to dream more, learn more, do more and become more, you are a leader.” – President John Quincy Adams

“Out of your vulnerabilities will come your strength.” – Sigmund Freud

Fun Facts

  • Coffee and IPhone Fanatic
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Kathy Hopkins

Kathy’s love of the law brought her to her career in Real Estate.  She attained her Paralegals decree after high school, going to work for an attorney for several years.  A Commercial Real Estate company recruited her to work in their leasing and marketing department for large shopping centers.  After a move to Alabama, Kathy joined a property management firm as a multi-site property manager learning rural development and tax credit. During this time, she was awarded property manager of the year 2 times for her efforts of leasing “hard to lease” properties in rural areas.  On her return to Florida, she continued to work as a property manager for a national company, coming to Tzadik in August of 2016 as a Property Manager.  Attaining her CAM in 2019 was on her list of goals to achieve.

Kathy’s hard work and diligence lead to being promoted to Regional Manager, she continues to strive for the team as well for herself, offering support and professional guidance to the five properties in the Daytona portfolio.   

Tzadik Managment Provides Essential Service during Coronavirus Pandemic

Tzadik Managment Provides Essential Service during Coronavirus Pandemic

YAHOO FINANCE
Press Release

Tzadik Management has been developing communities across the country since before the 2008 recession. Tzadik Management’s Adam Marcus Hendry explains that the company’s major focus is to create communities that are ideal for citizens, with the perfect combination of life, work, and play. However, during the Coronavirus pandemic, Mr. Hendry and Tzadik Management have taken a shift in priorities.

MIAMI, FL / ACCESSWIRE / May 2, 2020 / Tzadik Management has been developing communities across the country since before the 2008 recession. Tzadik Management’s Adam Marcus Hendry explains that the company’s major focus is to create communities that are ideal for citizens, with the perfect combination of life, work, and play. However, during the Coronavirus pandemic, Mr. Hendry and Tzadik Management have taken a shift in priorities.

“Right now, we’re focused on keeping our residents informed and aware,” Adam Marcus Hendry says. “We’re also offering activities for residents and are actually hiring new employees to aid our resident communities. We refuse to let our Core Values slide.”

Adam Marcus Hendry explains that Tzadik Management has been keeping 100% of the staff physically on-site to help in case of emergencies and is even providing new employment opportunities in all regions. The company’s corporate site in Miami is also still showing up to work, helping set the example for teams onsite. However, Mr. Hendry says the company has had to implement a number of social and sanitation measures to remain open during these times.

“We want our residents to feel safe communicating with us whenever needed. That’s why we always keep at least 6 feet of distance between every person, are constantly sanitizing, and are offering a number of virtual communication options, so residents never have to feel at-risk,” Adam Marcus Hendry says. These distancing measures extend to prospects as well, with the company not shying away from physical tours.

Tzadik Management’s ability to accommodate residents without adequate technology is evident by their door-knocking procedures. “Our team knocks on doors, while maintaining adequate social distance, to check on residents and provide services such as rent collection and work orders that they otherwise wouldn’t have been able to convey,” says Adam Marcus Hendry.

The management company provides all of its office visitors with sanitizer and masks. It is also providing a number of virtual events for its residents in an effort to keep them entertained, safe, and communicating throughout the pandemic. Adam Marcus Hendry and his team have created a virtual movie night, Facebook group chats, and a number of other social distancing events to keep people engaged and involved in their communities.

Adam Marcus Hendry and Tzadik Management have been praised for their Core Values, and during the pandemic, these values are being shown more than ever. Mr. Hendry has even provided a small internal Tzadik stimulus “Hero Pay” to help his employees during the financial difficulties of the COVID-19 pandemic.

The company’s Core Values include Building Lasting Relationships, Never Stop Growing, Keeping Each Other Informed, Succeeding Together, Being Financially Responsible, and Making It Happen at all times. The company has kept these values at the forefront throughout the pandemic, and Adam Marcus Hendry states that they’ll continue to do so.

“We encourage our residents to contact us whenever they have concerns because we will always do our best to help,” Mr. Hendry concludes. “We’re all in this together, and at Tzadik Management, we refuse to leave anyone in the dark.”