Fortress Investment Group/Holiday, a real estate investment trust specializing in retirement housing, has purchased 14 Florida retirement communities and a single location in North Carolina from Clearwater-based TJM Properties for more than $200 million.
TJM Properties, a company owned by Terence McCarthy, has been accumulating properties since 2001.
The sale included five Gulf Coast properties: Bradenton Oaks and Summerfield Retirement in Bradenton, Bayside Terrace in Pinellas Park, Village Place Retirement in Port Charlotte and Sunset Lake Village in Venice.
TJM Properties says it plans to focus on acquiring additional 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 as its local retirement communities, The Oaks of Clearwater and The Princess Martha in downtown St. Petersburg.
TJM Properties and affiliates, formerly known as McCarthy Properties, has acquired, managed, and redeveloped more than 850 residential and commercial properties since 1979.
Properties sold:Spring Haven Retirement, Winter Haven
Spring Oaks, Brooksville
Forest Oaks, Spring Hill
The Courtyards at Berne Village, New Bern, N.C.
Lake Morton Plaza, Lakeland
Renaissance Retirement Center, Sanford
Bradenton Oaks, Bradenton
The Grande, Brooksville
Sunset Lake Village, Venice
Village Place Retirement, Port Charlotte
Emerald Park Retirement, Hollywood
Summerfield Retirement, Bradenton
Bayside Terrace, Pinellas Park
The Plaza at Pembroke Park, Pembroke Park
Balmoral Assisted Living, Lake Placid
Properties remaining under TJM:
The Oaks of Clearwater, Clearwater
The Princess Martha, St. Petersburg
Southern Gardens, Lake Alfred
Carriage Hill Retirement, Bedford, Va.