ATLANTA, GA—Miami-based Tzadik Management has acquired six multi-family apartment communities in Georgia in an off-market transaction. The acquisition totals 1,010 units across Houston, Dougherty and Clayton Counties.
Closing at just over $36 million, it is Tzadik's largest acquisition since the 2016 acquisition of 1,244 units across Orlando and Daytona Beach in Florida.
Tzadik Management now owns 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” says Adam Hendry, Tzadik's founder and CEO.
Alexander Kaushansky, Arbor Realty Trust's vice president, originations, helped arrange acquisition financing for the portfolio.
“It was a pleasure assisting on this sizeable reentry into the Georgia market,” Kaushansky says. “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.”
The company expects its expansion moves to continue.
“We felt that this deal fit in line with our five-year strategy of acquiring assets in secondary and tertiary markets to get us to 100,000 units,” says Alex Arguelles, chief investment officer. Since its formation in 2007, Tzadik has managed more than $700 million in apartment complexes and over 11,000 units in over 20 states as well as the Caribbean.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
