ATLANTA, April 12, 2018 (GLOBE NEWSWIRE) — Tzadik Management announced Monday the acquisition of six off market, direct to seller, multi-family apartment communities in the state of Georgia. This acquisition totals 1,010 units that span between Houston, Dougherty and Clayton Counties. This marks yet another group of properties Tzadik has acquired outside the state of the Florida.
A groundbreaking acquisition for Tzadik Management, they now own and manage 27 communities throughout the Southeastern United States. “We are very excited to have been able to execute this acquisition. We have been looking to break back into the Georgia market for some time and we really felt this was the best opportunity to make it happen” said Founder and CEO, Adam Hendry.
Alexander Kaushansky, Vice President, Originations at Arbor Realty Trust, Inc., helped arrange acquisition financing for the portfolio. “It was a pleasure assisting on this sizeable reentry into the Georgia market,” Kaushansky said. “Tzadik has a strong vision for the future of these properties, and Arbor was able to support that vision with customized bridge financing combining excellent loan terms, speed and certainty of execution.”
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By: Justin Summer
Eagle Properties Management Company sold its six-property multifamily portfolio totaling 1,244 units across Central Florida to Tzadik Management for $63 million, or about $51,000 per unit.
“The Eagle Apartments Portfolio offering was a rare opportunity to acquire a critical mass of units within some of the fastest-growing rental markets in Florida,” says Michael Donaldson, a vice president investments in Marcus & Millichap’s Tampa office.
The six properties are all located within 30 minutes of each other within the Orlando MSA near Daytona Beach. At the time of sale, the portfolio’s occupancy averaged 94 percent, and included the following properties:
- Millennium Eagle, 200 units at 4255 Barwood Dr. in Orlando;
- Eagle Reserve, 344 units at 3997 Rosewood Way in Orlando;
- Eagle Bay, 248 units at 1225 S. Beach St. in Daytona Beach;
- Eagle Oaks, 232 units at 2050 S. Ridgewood Ave. in South Daytona;
- Eagle Park, 120 units at 1049 Brentwood Dr. in Daytona Beach; and
- Eagle Briar, 100 units at 200 Robert St. in New Smyrna Beach, FL.
“Now is an excellent time to have acquired a substantial stake in the multifamily markets of Orlando and greater Daytona Beach as more than $5 billion in new development is taking place in those metros,” noted Evan P. Kristol, senior vice president investments in Marcus & Millichap’s Fort Lauderdale office.
The buyer, a Miami-based private investor, will be able to increase revenue across the portfolio through stabilization, strategic renovations or improving management efficiencies, according to Kristol. Tzadik Management now owns more than 4,500 units across 30 apartment communities.
Michael Donaldson, Nicholas Meoli, Evan Kristol and Still Hunter III with Marcus & Millichap represented the seller, a family partnership based in Daytona Beach, and procured the buyer.
DAYTONA BEACH — The former owners of Lohman Funeral Homes recently sold four apartment complexes in east Volusia County as part of a larger sale that included two apartment properties in Orlando.
The Lohman family have used some of the proceeds from the $63 million they received from the sale to Miami-based Tzadik Management to acquire another apartment complex in Daytona Beach.
“We didn’t intend to sell. They weren’t on the market,” said Lowell Lohman, who owned the complexes with his wife, Nancy, and son, Ty. “We got a nice offer and agreed to sell.”
Tzadik Management is a company led by founder/president Adam M. Hendry that with the addition of the 1,244 units it acquired from the Lohmans now owns more than 4,500 apartment units throughout the state, said spokesman Tyler Thrift.
The acquisition, which closed Aug. 10, gives Tzadik Management its first apartment complexes in Volusia County, which may not be its last, Thrift said.
“We’re always on the lookout for new opportunities that fit our investment strategy,” he said.
The four Volusia County apartment communities sold to Tzadik have a combined total of 682 units and accounted for $35 million of the total acquisition amount.
The local properties were the Eagle Bay Apartments in Daytona Beach, Eagle Oaks Apartments in South Daytona, Eagle Park Apartments in Holly Hill and Eagle Briar Apartments in New Smyrna Beach.
All have been renamed. Eagle Bay is now Tzadik Bay Apartments, Eagle Oaks is now Tzadik Ridge Apartments, Eagle Park is now Tzadik Park Apartments and Eagle Briar is now Tzadik Rose Apartments.
“We’re doing rebranding and are planning to make several improvements to the property,” he said.
Tzadik is the Hebrew word for righteous and all-knowing, Thrift said.
The Lohman family recently paid $4.8 million to acquire Seabreeze Pointe Apartments, a 148-unit complex at 458 Brentwood Drive in Daytona Beach. The complex has been renamed Eagle Point.
“We are still in an acquisition mode,” Ty Lohman said.
The Lohmans owned the apartment properties they sold to Tzadik Management for three years. They purchased the properties from the proceeds the family received from the 2012 sale of their 12 funeral homes and cemeteries in the Volusia-Flagler area.
Victor Lohman, Lowell’s brother, was also one of the owners of Lohman Funeral Homes but chose to not go in with the rest of the family in investing in apartment properties.
Featured article with Nasdaq Global Newswire.
The article speaks about Tzadik Management’s major acquisition of six multi-family apartment communities spanning over both Orange and Volusia counties and totaling 1,244 units.
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MIAMI, FL- August 11th, 2016—Tzadik Management is proud to announce the acquisition of six multi-family apartment communities spanning over both Orange and Volusia counties and totaling 1,244 units.
Tzadik adds two of the communities to their existing group of Orlando area properties while the remaining properties expand Tzadik into the greater Daytona area. Tzadik Founder and CEO, Adam M Hendry, is excited about the cascading effects of this purchase, “This has been a tremendous team effort enabling us to Make a Difference in the lives of so many people associated with this acquisition.”
Tzadik Management has acquired another Tampa area Multi-Family community. Timberfalls Apartments, located at 2600 E. 113th Ave, is a 2-story, 184 unit apartment complex consisting of both 1 and 2 bedroom units.
This acquisition marks now the 5th property Tzadik has purchased in the Tampa area, all within the same 5-mile radius. This comes just a few months after Tzadik acquired University Oakwoods, less than a mile from Timberfalls. Tzadik plans to make several renovations to the complex over the coming months.
“We have had our eye on this property for awhile” said Chief Executive Officer, Adam Hendry. “Being able to own and operate such a large amount of properties in this area really helps spread our name and message. Our goal is to be a top industry name in that area and I believe we are right on track.”
Tzadik has managed over $300 million in apartment complexes and luxury condo developments. As one of the most rapidly growing Multi-Family management companies in the state, continue to look for more sales and acquisitions in the future.