YAHOO FINANCE
Press Release
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.
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 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 a tzadik Properties representative.
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.
