TJM Properties recently sold the majority of its senior housing portfolio to Fortress Investment Group (NYSE:FIG), the owner of Holiday Retirement Corp., in a transaction valued at more than $200 million, according to the Orlando Business Journal.
The 15 properties included in the transaction comprised about 80% of TJM’s senior housing assets and are located in Florida and North Carolina. TJM, based in Clearwater, Fla., has been acquiring, developing, and managing a portfolio of senior living communities located primarily in the southeast since 2001.
“The residents and employees at all of our properties are like family,” Dale Schooley, director of acquisitions for TJM, told the Journal. “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.”
TJM recently set up a real estate fund and plans to continue seeking out investments.
Fortress Investment Group is a global investment management firm with nearly $55 billion of assets under management as of 2013’s second quarter. In 2006, the firm announced that private equity funds managed by Fortress affiliates would acquire Holiday Retirement and its then-299 property portfolio of senior living communities.
As of press time, Fortress Investment Group and TJM Properties had not responded to SHN’s requests for further information.
Written by Alyssa Gerace