MIAMI—In a transaction worth more than $200 million, TJM Properties just sold 15 of its senior living communities, Fortress Investment Group/Holiday, a real estate investment trust (REIT) that specializes in retirement housing, snapped up the assets.
Since 2001, TJM has acquired, developed and managed a portfolio of senior living facilities across the southeast. Recently, TJM received several offers for its senior living properties and ultimately decided to sell 15 of them to Fortress.
“The residents and employees at all of our properties are like family,” says Dale Schooley, director of acquisitions for TJM. “While we are sad to say goodbye, we are confident the new owners will manage a smooth transition and provide the same quality experience that employees and residents have come to expect under the management of TJM.”
According to TJM, residents should see little to no change in daily operations. Fortress/Holiday hired the vast majority of the existing employees at each senior living property.
Moving forward, TJM will focus on acquiring additional senior living properties through a new investment real estate fund and managing its remaining facilities. The fund currently owns and manages three franchised hotels — The Belleair Beach Club and newly purchased Treasure Island Ocean Club — as well local retirement communities, The Oaks of Clearwater and The Princess Martha in Downtown Saint Petersburg.
“We are tremendously excited about TJM’s future,” says Schooley. “We are currently looking for additional great properties to purchase, develop and manage. When you look at a development like the Princess Martha, you can see the kind work TJM likes to do.”
In 2010, TJM purchased the Princess Martha, a grand historic hotel that had been converted into a senior living facility. TJM completely renovated the property to its original 1920s condition with antique furniture and historic pictures.