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TJM buys Summerfield Retirement Residence

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  • | 10:53 p.m. November 19, 2010
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  • Manatee-Sarasota
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BUYER: Summerfield Retirement LLC (Terence J. McCarthy as trustee), Clearwater

SELLER: Summerfield Retirement Residence Ltd.

PROPERTY: 3409 26th St. W., Bradenton

PRICE: $5.4 million

PREVIOUS PRICE: $263,100, January 2000 and $624,300, January 1986

LAW FIRM ON DEED: Ford & Ford PA, St. Petersburg

PLANS, DESCRIPTION: Clearwater-based real estate firm TJM Properties purchased the 142-bed Summerfield Retirement Residence for $5.4 million.

The price equated to $38,028 per bed or $45,000 per unit.

The senior-living company acquired the assisted-living facility to add to its portfolio of properties. It also owns Bradenton Oaks, which is five miles away.

“They are different entities that don't really compete,” says Dale Schooley, acquisitions manager for TJM Properties. “Summerfield is much more high-end. This allows us to cover all areas of that community and service those needs.”

The company operates its facilities through its TJM Property Management Inc.

The purchase entity mortgaged the Summerfield property to USAmeriBank for $7.13 million.

The developer owns 15 senior-focused properties. Along the Gulf Coast it operates the 320-unit The Oaks of Clearwater; the 113-unit Bradenton Oaks; the 92-unit Sunset Lake Village in Venice; and the 92-unit Village Place in Port Charlotte.


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