Deals part of $200 million transaction for chain of homes
BRADENTON -- A private equity firm that manages a retirement community empire purchased two Bradenton retirement homes for a combined $23.8 million.
New York-based Fortress Investment Group purchased Summerfield Retirement homes for $12.2 million from a limited liability company owned by TJM Properties in Clearwater, according to land records from the Clerk of the Court. Fortress formed a company Nic 4 Summerfield Owner LLC for the deal.
Fortress also purchased Bradenton Oaks, 1029 7th Ave. E., for $11.6 million from the same seller using the company Nic 4 Bradenton Oaks Owner LLC for the deal, according to land records.
Both retirement and assisted care communities are part of the Oregon-based Holiday Retirement company. Fortress purchased Holiday Retirement for $6.8 million in 2007, according to Fortress' website. Fortress manages $54.6 billion in assets as of June 30, according to its website. Fortress has provided financing for the Phoenix Coyotes of the NHL and for 123 Red Roof Inn hotels in recent months.
The deals were part of a $200-million sale of 14 retirement communities in Florida and one in North Carolina by TJM to Holiday, the Orlando Business Journal reported.
Charles Schelle, business reporter, can be reached at 941-745-7095. Follow him on Twitter@ImYourChuck.