Miami-Dade Property Management Firm Expands, Acquires Brevard CRE Company

http://orlando.cre-sources.com/miami-dade-property-management-firm-expands-acquires-brevard-cre-company/

JM Real Estate, Inc., a full-service commercial property management, leasing and sales company based in Brevard County, was acquired by Tzadik Management, an industry-leading, multi-family property management company based in Miami-Dade County 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; a renewal with Ross Stores and TGI Fridays in the Best Buy Plaza in Melbourne; and significant leases in the Rialto Place Office Tower for L3 Harris in Melbourne.

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.”

Making Moves- RelatedISG International Realty Taps New VP; (Tzadik) Management Announces Acquisition

https://miamiagentmagazine.com/2020/07/06/making-moves-relatedisg-international-realty-taps-new-vp-tazdik-management-announces-acquisition/

Tzadik Management acquires JM Real Estate

Commercial property management, leasing and sales company JM Real Estate Inc. was recently acquired by Tzadik Management, a multifamily property management company based in Miami-Dade County.

The acquisition includes management contracts for 60 locations, totaling more than 2.5 million square feet of retail, office, medical and industrial  properties.

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

JM Real Estate was founded in 1997 and has an estimated value of more than $300 million. In addition to multi-tenant office and retail spaces, the company has also been involved in a number of development projects.

A few of the projects that Tzadik Management currently manages are Tzadik Bay in Daytona Beach, Florida, and City View Apartments in Omaha, Nebraska.  Since opening up in 2007, the company has managed more than $1 billion in apartment buildings, over 15 million square feet of commercial real estate, and more than 19,000 units in over 20 states.

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 in a press release. “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.”

JM Real Estate Acquired by Tzadik Management

https://southflorida.citybizlist.com/article/617203/jm-real-estate-acquired-by-tzadik-management

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.”

Tzadik Management’s Adam Marcus Hendry enters Houston Market with 1,275 Unit Acquisition

Tzadik Management’s Adam Marcus Hendry enters Houston Market with 1,275 Unit Acquisition

YAHOO FINANCE
Press Release

Fresh off the heels of their latest purchase in Sioux FallsTzadik Management closed Friday, November 15th on the acquisition of a 5-community portfolio, totaling 1,275 units, in Houston, Texas.

 

           Fresh off the heels of their latest purchase in Sioux Falls, Tzadik Management closed Friday, November 15th on the acquisition of a 5-community portfolio, totaling 1,275 units, in Houston, Texas. This purchase was sourced in house by Michael Davalos who is leading acquisitions for Tzadik. “This deal is the culmination of over two years of relationship building in the Texas market” Houston is a highly competitive market with nearly every institution seeking value add deals said Davalos. 

 

This deal was unique for us, in that we were fortunate to capitalize on relationships to put a deal together with three great partners, all pitching in strategically to achieve our goals. The other partners, Elevate investments, Crown Capital Ventures, and Circle Capital Partners all played a strategic role in helping to close.

 

            Tzadik Management’s Regional Vice President, Debbie Wheatley, who has thrived in the Houston Market for years is excited to get started. “More than anything I am just excited to bring the unique culture and engagement I have seen in my time with Tzadik” said Wheatley. “We have been given a chance to make a difference in our community and Redefine how these communities operate moving forward”

            The 5-community portfolio is listed below:

 

  • Crossings at Jackson Square – 8030 Airport, Houston, TX 77071
  • Crossings at Bradford Place – 8300 W Airport, Houston, TX 77071
  • Shadowtree – 9475 W Sam Houston Parkway, Houston, TX 77099
  • Cresent City – 8501 Broadway, Houston, TX 77061
  • Casa Royal – 9445 Concourse, Houston, TX 77036

 

            While Tzadik Management’s recent investment strategy has brought them mostly toward the upper Midwest, Chief Executive Officer Adam Marcus Hendry believes Houston shares a lot of similar attributes that made the Midwest so appealing. “This deal helps us continue to establish our footprint in middle America, where we believe the steady population growth combined with their energy and oil supply should help mitigate the upcoming stagflation” said Adam Marcus Hendry.

            With property values continuing to climb at a rapid pace, Tzadik Management has begun looking into acquiring management companies to continue their growth. “Buying wholesale brings a lot of positives to the table. We believe we can close at close to 20 or 30 percent below market while also jumping the Death Valley curve” said Adam Marcus Hendry. Tzadik Management is also looking into commercial real estate acquisition, with many due diligence projects currently underway.

Tzadik Management 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 over 19,000 units in over 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.

If you think you have a deal for us or are interested in investing, please contact Michael Davalos  

ArgusLeader:In $52 million deal, Florida firm snaps up 18 Sioux Falls apartment complexes

ArgusLeader:In $52 million deal, Florida firm snaps up 18 Sioux Falls apartment complexes

Argus Leader
Press Release

In $52 million deal, Florida firm snaps up 18 Sioux Falls apartment complexes

A Florida real estate and property management company has made a major play into the Sioux Falls multi-family housing market.

Miami-based Tzadik Management says it has closed a $52 million deal to buy 18 apartment complexes located across Sioux Falls from four sellers. The apartment complexes include 721 total apartments.

Tzadik CEO Adam Hendry said his company has been searching the country for overlooked markets where housing values aren’t overheated. He found what he was looking for in Sioux Falls – a low-tax, business-friendly climate with low unemployment, a surging population and a lack of rental supply, he said.

“This market is fundamentally sound,” he said. “This checked all the boxes.”

The largest part of the deal was four apartment complexes from Murray Properties, including the Eagle’s Nest, Eastview, Lake Park and Arnold’s Park complexes, totaling 326 apartments. A deal with Ron’s Property Management included seven complexes, and Rensberger properties included six complexes totaling 143 units, most notably the Sycamore Courts complex. A final seller sold River Run apartment complex to Tzadik.

Tzadik currently owns about 4,000 apartment units in Florida. The company picked up additional apartment complexes in Georgia and Texas earlier this year.

“We’re open-minded,” Hendry said. “We’re very opportunistic.”

Tzadik is also looking at possible deals in Rapid City and other cities in the area, Hendry said. He hopes to turn his Sioux Falls operations into a regional hub for his properties. Hendry said it’s the largest multi-family deal he’s aware of in Sioux Falls and the first of its size featuring a company from Florida.

Residents of Tzadik’s Sioux Falls properties should be prepared for some rent increases. Hendry said many of the properties have rents that lag behind the market, and he intends to match it more closely, gradually raising rents over the next three years.

He touted his company’s management of the properties, the professionalism of its local administrative and maintenance staff, and its use of online portals to pay rent and make maintenance requests.

He said he’s already moved a property manager to Sioux Falls to work on the transition. Welcome signs are posted on many apartment building doors.

He committed Tzadik to spend a $5 million on upgrades and renovations to the properties to deal with deferred maintenance, landscaping and general improvements, he said.

“From a cash outlay, it’s very substantial,” he said.

Hendry and a friend started the company in Florida in 2007, on the brink of the Great Recession. When the housing market began to collapse, Tzadik started snapping up receivership status to acquire properties that could be resold. Tzadik eventually evolved into a company that owned and managed multi-family properties.

Hendry said he aims to stay ahead of an overheated housing market in Florida by diversifying out elsewhere in the U.S. Hendry said his company uses pricing and lease-term models that regularly account for supply and demand – something he didn’t see a lot of multi-family housing owners using in the Sioux Falls market.

But the local market is a “hidden gem,” he said. And he’s been working to acquire apartments in the city full-time since April.

“It’s been a wild ride,” he said.