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.

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.”

Tzadik Management Acquires Full-Service Brokerage, Expands on Growing Commercial Footprint

Tzadik Management Acquires Full-Service Brokerage, Expands on Growing Commercial Footprint

BUSINESS
INSIDER
Press Release

Tzadik Management Acquires Full-Service Brokerage, Expands on Growing Commercial Footprint

MIAMI, Feb. 03, 2020 (GLOBE NEWSWIRE) — Tzadik Management closed late Friday on the acquisition of a full-service commercial brokerage real estate firm; marking the first acquisition for the rapidly growing property management company in 2020. While Tzadik currently owns and manages commercial real estate nationwide, this deal marks the first time Tzadik has acquired a commercial brokerage real estate firm.

Tzadik’s purchase includes management contracts for 60 locations totaling over 2.5 million square feet of retail, office, medical and industrial type properties. “We could not be more excited to get started. This allows us to continue our company’s growth while expanding our footprint through the entire real estate market,” said CEO, Adam Marcus Hendry. “We firmly believe in exploring all options and this is one we have had our eye on for a while.”

David Runyon, Chief Visionary Officer of Tzadik Management, says, “This business acquisition is a big step forward in our goal to become a top 50 property management company. This year we will continue to strategically target property management partners whose core values align with our own, while also expanding our real estate investments in the Upper Midwest and other special circumstance acquisitions.”

Overseeing the on-boarding and transition is Tzadik Management’s Chief People Officer, Christine Alletto. “We can’t wait to integrate with the team and start building on an already stellar reputation,” said Alletto. “Our culture and proven processes will thrive in this industry.”

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, over 15 million square feet of commercial real estate 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.

 

Tzadik Management closes out 2019 with $12.6M purchase in Rapid City

Tzadik Management closes out 2019 with $12.6M purchase in Rapid City

GLOBE NEWSWIRE
Press Release

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.