2 Bradenton retirement homes sell for $23.8 million

cschelle@bradenton.comAugust 23, 2013 

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.

Bradenton Herald is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere in the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

Commenting FAQs | Terms of Service