Multi-family Property Management Company, Tzadik Properties, LLC, Reaffirms Commitment to its Residents and Upholding Quality Standards of Living in…

TAMPA, Fla., Sept. 15, 2020 /PRNewswire/ --Tzadik Properties, LLC an industry-leading, multi-family property management company based in Miami-Dade County, Florida and in Sioux Falls, South Dakota, was recently the subject of a Tampa Bay Times article published in regards to its properties in and around the Tampa Bay area.

Of the referenced properties, only Timberfalls is owned by Tzadik; the remainder are third-party managed.As such, Tzadik is subject to constraints contained within the owners' capital expenditures budgets in undertaking repairs and maintenance but has made improvements to the full extent possible at both Timberfalls and the third-party managed properties.

Since acquiring Timberfalls, Tzadik Properties, LLC has spent $1,511,492 in capital expenditures, which go above normal repairs and maintenance; and of that, $65,094 has been spent during the COVID-19 pandemic. The damages noted in the article are in the process of being repaired. In fact, contracts have been signed for $626,000 worth of repairs and should be commencing shortly, based on third-party contractors.

"Tzadik Properties, LLC continues to seek out and work with a range of agencies and organizations for even quicker repairs and to be able to offer even more rent concessions to its tenants during these challenging times," said Adam Hendry, founder and CEO of Tzadik Properties. "As a company, we strive to do the right thing for our residents, for our staff and for the communities in which we serve."

Related to work orders and maintenance requests, from March 1, 2020 to July 31, 2020, Tzadik had 836 work orders submitted and completed at its Florida properties. During the previous 5-month span of October 1, 2019 to February 28, 2020, Tzadik only had 228 work orders submitted and completed. This presents an increase of 366% in work orders that were completed during the COVID-19 pandemic.

Since taking over the properties in Hillsborough County six years ago, $4,657,039.56 has been spent on capital repairs, including major improvements and replacements such as siding, roofs, tubs, flooring, HVAC, etc. In addition, for the Tampa properties, $788,884 was spent from January 2020 to August 2020 on normal repairs and maintenance (painting, patching of walls, small repairs, repairing a faucet or toilet, repairing AC filters, etc.).

Further, another $368,753 was spent on contracts such as maintaining sprinkler systems, landscaping, lift station repairs, pool maintenance, security, etc. Of that amount, $36,234 was spent on pest control.

The article also questions Tzadik's delinquency and eviction process in relation to Governor DeSantis' Executive Order suspending residential evictions due to COVID-19. Per the company's policy on notices, Tzadik continued to offer residents ample opportunities to work out payment arrangements. From March 1, 2020, to present, Tzadik has provided concessions to prevent eviction for 33 of its Timberfalls residents, totaling $16,335. During this timeframe, Tzadik extended concessions to prevent evictions to 360 residents at its properties throughout the state of Florida, for a total dollar amount of $829,323. Throughout Hillsborough County, at its 11 properties, Tzadik provided $172,000 in total concessions, which saved 93 residents from eviction. In addition, Tzadik provided 1,448 of its Florida tenants with $80 rental credits for prepaying their rent during the months of May, June and July, in the total amount of $118,840.

Tzadik Properties, LLC granted $671,000 of concessions and credits to renters for the TZA portfolio, which consists of Tampa-owned properties as well as Winter Haven and Jacksonville, totaling 14 properties. Company-wide, from March through August, Tzadik offered concessions to 5,465 tenants to go towards moving in, resident referrals, renewals and miscellaneous resident concessions in the amount of $854,351.26.

The total amount of concessions / credits that Tzadik granted to renters at Timberfalls who were at risk of eviction was $88,000. Tzadik worked with renters who were willing to speak with property management and offered 50% off all balances that had more than one month's rent in arrears in exchange for them paying the other half.

At one property that Tzadik third-party manages, there was a miscommunication between the site level and outside evictions counsel regarding whether the property was financed with a federally backed mortgage, leading to a handful of arguably questionable evictions that were dismissed immediately upon discovery.

Of note,twoof the tenants interviewed for the Tampa Bay Times article wereplaced in evictions in March, before lockdown measures and after months of rental delinquencies. One individual who was referenced in the article, is an unauthorized resident who has been arrested on property before. The leaseholder of that unit has a current balance is $4,968.65, and has not made any payments or responded to Tzadik's offers of waiving half of the balance. Assistance options were sent to her door and emailed on June 15, 2020. Again, the tenant has been unresponsive to all collection efforts. Since the beginning of March, that unit has submitted seven work orders. All were completed with completion notes, and the unit has not submitted a repair request since May 1, 2020.

Regarding the PPP loans referenced in the article, they are irrelevant to the evictions and property conditions as acceptance of PPP funds was not conditioned upon eviction forbearance.As suggested by its name, the Paycheck Protection Program was designed to cover payroll costs and keep employees employed.Unlike most of its peer property management companies, all of its employees remained on-site to serve the tenants throughout the pandemic and that is what the funds were expended on. In fact, at the beginning of March, before COVID-19, the company had four employees at Timberfalls. By mid-April, it had five employees and was looking to hire additional employees to take care of work orders, and in June it had six employees in which one was an additional newly added position. Currently, Timberfalls has five employees and one open position. In Hillsborough County, six new maintenance positions have been added since April after the pandemic began to better handle the 300% increase in residents repair requests/work orders.

Due to the PPP loan, Tzadik Properties, LLC was able to retain all its employees company-wide. The loan was also used to provide all Tzadik employees with the newly created Tzadik Stimulus Package, which helps all 217 employees with added expenses due to the COVID-19 pandemic. Expenses include hand sanitizer, child daycare, indoor children's toys, TV streaming programs memberships, roommate/spouse job loss, household income loss, and to thank employees for showing up to work every day to assist residents during these uncertain and unusual times.

Per the PPP program, funds also went to keep residents and employees safe per the CDC guidelines and recommendations for COVID-19. Related expenditures included PPE, video doorbells, additional cleaning supplies, masks, gloves, sanitizers, etc.

Throughout the COVID-19 pandemic, Tzadik Properties has maintained 96% stabilized occupancy and is continuing business as usual, meaning that all offices and properties were open, including:

Moving forward, Tzadik Properties is continuing to meet with organizations such as City of Tampa Housing and Community Development, Department of Code Enforcement for the City of Tampa, and others, to ensure the end result is positive for the residents, the community and the company. Additionally, Tzadik had reached out to Councilman Luis Viera twice. Tzadik and Councilman Viera are in the process of scheduling a follow-up phone call.

Tzadik is also working with Rapid Rehousing, a subset of the Housing First approach to end homelessness, which is designed to help those who are homeless or at risk of losing their home. During COVID-19, Tzadik placed approximately 10 of its Florida-based tenants in that program, which will cover rental costs for one year. This program is one example of ways in which Tzadik Properties works towards its goal of providing affordable and sustainable housing for all.

"Tzadik did not shut down any leasing offices or put a halt to any resident work order requests after COVID hit. Because work orders increased so much during the pandemic, we hired 6 extra positions in maintenance here at our Tampa properties and that has really helped us keep up with the higher demand. All team members were issued PPE including face shields, bodysuits, gloves, masks, hand sanitizer and other cleaning supplies to keep us safe. We also increased our cleaning of common areas, the office and anywhere residents may frequent."

-Angel Flores, Tampa Area Maintenance Manager

"I have been employed with Tzadik since March 2018. When many lost their jobs, Tzadik Management ensured our jobs were not only safe but that our residents could still live during this time knowing their landlords are here to support them every day. I have had extensive experience with property management companies from Greystar to the St. Petersburg Housing Authority and the commitment level Tzadik has shown during these troubling times deserves some recognition and should be talked about publicly. I could not be happier to be a part of such an amazing team and company."

-Vanessa Grant, Multi-Site Property Manager

"Throughout the pandemic, Tzadik has given me the platform to work and assist our residents during a very difficult and uncertain time. I created a community food bank, delivered food boxes and contacted dozens of agencies to solicit assistance to help our resident meet their financial obligations. Not only did Tzadik allow these activities during the workday, they encouraged me to do more and met my enthusiasm by allowing residents to clear their outstanding balance by paying 50% of the amount owed. I am proud to work for such a great company."

-Dwone Burse, Property Manager for Bella Mar, Tampa

"I've been a resident for 7 years. I'm very pleased with everything that has taken place. I don't have any issues and am grateful to live here. This property is a wonderful place to live and all of my maintenance requests are taken care of. I have been really pleased with the new manager of maintenance. They are a great team. I would recommend anyone to live here. My daughter has lived here for 2 years. She loves it also."

-Leslie Dupont Parker, Timber Falls Resident

"I am very satisfied with the service that I am getting from maintenance."

-Ronald Shannon and Elsie Flacher, Timber Falls Resident

About Tzadik Properties, LLC Tzadik Properties, LLC is a growing, innovative and driven real estate and property management company based in Miami, Florida. Since its formation in 2007, Tzadik has managed more than $1 billion in apartment complexes, over 15 million square feet of commercial real estate, and more than 19,000 units in over 20 states. Through excellent management, a focus on company culture, and a tech-driven style of operating, Tzadik has established a reputation for "Building Lasting Relationships." In 2020, Tzadik acquired JM Real Estate, Inc., a full-service, commercial property management, leasing, sales and investment acquisition company that is located in Brevard County, Florida, and serves from Titusville to Palm Bay. For more information about Tzadik, visit https://tz-m.com or call (305) 770-6383.

Contact: Dure & Company, PR Consultant 954-723-9350 / 247401@email4pr.com

SOURCE Tzadik Properties, LLC

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Multi-family Property Management Company, Tzadik Properties, LLC, Reaffirms Commitment to its Residents and Upholding Quality Standards of Living in...