Case Study

Cross-State Georgia Aquisition

As a chance to re-enter the Georgia landscape, Tzadik found itself with an off-market portfolio consisting of 1,010 units across Atlanta, Macon, and Albany.

Property Acquired April 2018

Equity Multiple

3X

Total Capitalization

42M

Cash On Cash

15%

Internal Return Rate

36%

Challenge

An absence of strong marketing and property management had resulted in high staff turnover, tenant dissatisfaction, and underperformance. A severe backlog in deferred maintenance, paired with a heavy CAPEX lift had to be addressed and coordinated across three cities. 80% occupied at acquisition.

Strategy

Successfully secured bridge financing at 85% of cost and immediately reinvested capital into improving property infrastructure, management services, and marketing. Upon stabilization, the property will be taken to permanent financing.

Outcome

• Occupancy at 88%
• Over 50 units upgraded in less than 3 months.
• Strong onsite company culture
• Improved online presence

Testimonial

“This portfolio had a lot of employee turnover, while also being overstaffed which led to poor occupancy and overall NOI that considerably lagged the market.”

Adam Hendry, Tzadik Management CEO

SVP of Business Development

CONTACT US

(786) 295-9568


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11098 Biscayne Blvd, Miami, FL 33161