Tzadik Management closes out 2019 with $12.6M purchase in Rapid City
RAPID CITY, S.D., Dec. 30, 2019 (GLOBE NEWSWIRE) — Tzadik Management broke ground in Rapid City, SD last week with the 12.6M purchase of 2 new apartment communities totaling 261 units. This acquisition is the latest in a line of recent upper Midwest acquisitions for Tzadik in 2019. “We have been strategically looking for the right deal to break into Rapid City for just over a year now. This market has historically been resilient to economic downturns during past recessions. We see in Rapid City a robust, diverse, and growing population which is highly educated and creating jobs that are in demand for this region,” said Michael Davalos, Executive Vice president at Tzadik in charge of acquisitions and capital raising. “This deal is the culmination of the local relationships we built over the last year. This is helping us to find the best deals possible for our investors to have a safe haven to invest in,” Davalos said.
Tzadik plans to put over $1M in capital improvement into the communities over the next year to go along with bringing in a local staff the help with the transition. “We have built some very strong connections in this market over the past year and are very excited to bring Tzadik’s unique redefining culture to Rapid City,” said Regional Vice President, Tessa Frank.
This marks the second upper Midwest acquisition for Tzadik in December to go along with a massive 1,275-unit acquisition in Houston in mid-November. Moving forward into 2020, Tzadik plans to not only continue their growth in the Midwest but also venture back into other avenues such as commercial realestate. “We are very eager to explore different openings moving forward, the first of which being us redefining our growth and how we look at opportunities,” said Chief Executive Officer, Adam Marcus Hendry.
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 $800 million in apartment complexes and over 19,000 units in over 20 states as well as the Caribbean. 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.
If you think you have a deal for us or are interested in investing, please contact Michael Davalos.