Tzadik Management Enters Omaha Market, Eyes Further Midwest Expansion
“We have had Omaha in our sights for several months now. We are excited about the opportunity City View provides and plan to provide the best management possible,” says Tzadik Management regional VP Tessa Frank.
OMAHA, NE— Tzadik Management reports it has closed on the purchase of its first multifamily property here—City View Apartments, a 221-unit building located in downtown Omaha.
The acquisition is the latest in Tzadik’s recent investment strategy, further adding to its growing Midwest portfolio. A “Melt-Up” projection aligned with lowering interest rates helped spark the company’s interest in the market in 2017, the company states.
“We have had Omaha in our sights for several months now. We are excited about the opportunity City View provides and plan to provide the best management possible,” says Tzadik Management regional VP Tessa Frank.
In addition to Omaha, Miami-based Tzadik has plans to enter several new markets in the coming months. “Right now, we are really just going where the opportunities take us. Like we projected, interest rates have dropped substantially and will continue to do so, and have we positioned ourselves to take full advantage,” says Tzadik CEO Adam Hendry. “We hope to close in several Midwest markets such as Rapid City and Fargo and are exploring additional special circumstance opportunities as far south as Houston at the moment.”
In July, Tzadik Management closed on an additional three communities in Sioux Falls, SD, expanding on its growing presence in the market. The $12.8-million purchase is the third acquisition the firm has made in Sioux Falls since October of 2018, bringing them to 25 total communities and over 1,350 apartment homes there.
The newest communities added to the portfolio are: Turning Leaf, Brookshire and Woodstone.
As the company heads into the latter stages of its 12th year of operation, Tzadik has established itself in the multi-family industry thanks to special situational acquisitions, including non-performing loans in alternative asset classes like agriculture and farming.
Since its formation in 2007, Tzadik has managed more than $800 million in apartment communities and over 20,000 units in over 20 states.