Miami-based Tzadik Properties, LLC Expands South Dakota Portfolio, Closes on Three Properties Totaling More than $21 Million
Managed Under Tzadik's Division "Estates in the Blacks Hills," Vista Lodge, Cheyenne River Ranch and Raz Hideaway are Short-Term Rental Properties
MIAMI, April 26, 2021 /PRNewswire/ -- Tzadik Properties, LLC, an industry-leading, multifamily property management company, purchased/closed on three South Dakota properties totaling more than $21 million. These purchases expanded Tzadik's portfolio with short-term rental properties. The properties include Vista Lodge, Cheyenne River Ranch and Raz Hideaway.
Michael Davalos, Executive Vice President and Head of Acquisitions for Tzadik, worked on capital raising and placed the deals under contract. Lucas Grassano, Vice President of Finance for Tzadik, spearheaded the financing, and Tessa Frank, Regional Vice President of the Midwest for Tzadik, organized the operations to manage "Estates in the Black Hills."
Vista Lodge, located in Lead, SD, closed for $1.3 million on Feb. 25, 2021. The vast 6.6-acre property includes seven bedrooms and four bathrooms. This most recent acquisition is the third short-term rental property on Tzadik Properties, LLC's portfolio. The purchase is financed by Bank of England.
Cheyenne River Ranch, located in Caputa, SD, closed for $18,830,000 on Dec. 23, 2020. The expansive property covers 22,000 acres of income-producing land, including kosher bison meat, cabins, short-term rentals and guided hunting tours. The property is only an hour and a half from Mount Rushmore National Memorial and Crazy Horse Memorial. The purchase is financed by Black Hills Federal Credit Union.
Raz Hideaway, located in Whitewood, SD, closed for $1.25 million on Oct. 20, 2020. Situated on approximately 200 acres with mesmerizing views of Black Hills, Bear Butte, Terry Peak and the vast prairie, the ranch-style estate offers 2-story ceilings and a basement. It boasts seven bedrooms, four full bathrooms, two half-bathrooms, a hobby room, library, office, exercise room, and movie theatre. The great room features a wall windows providing expansive views. In addition, the home sports a custom bar, wine cellar, private vanities in most bedrooms, steam shower, luxurious stone and granite finishes, and stone fireplace. The exterior of the estate offers an extensive patio and deck space, with a hot tub and fire pit. An attached garage featuring more than three stalls is finished with built-in storage. The detached 40x80 shop is fully finished, heated and includes 512-square-foot apartment. The property will offer two smaller dwellings, The Loft and The Barn, as additional short-term rentals. The purchase is financed by Black Hills Federal Credit Union.
All three properties are managed under Tzadik's "Estates in the Blacks Hills" division and will serve as short-term rental properties. "Estates in the Blacks Hills" is the umbrella company that manages all of Tzadik's short-term rental properties in South Dakota.
"Raz Hideaway, Cheyenne River Ranch and Vista Lodge are fantastic additions to the Tzadik Properties, LLC portfolio," said Tzadik Properties, LLC Chief Executive Officer Adam Marcus Hendry. "They are spectacular properties for short-term rentals, offering luxury, privacy, incredible views, and more. We have had great success in South Dakota and are excited to continue expanding our portfolio in the Midwest."
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.
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SOURCE Tzadik Properties, LLC
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