Looks like they have some real money behind them!
$200,000,000 plus
ABOUT TJM PROPERTIES
TJM Properties and its affiliates have acquired, managed, brokered, and redeveloped real estate throughout the eastern United States since 1979. With dwellings that range from suburban single-family homes to high-rise buildings around downtown cityscapes. TJM has acquired over 900 properties since 1979.
With an initial focus on redeveloping downtown properties, TJM began converting historic hotels into adult congregate facilities in 1984. The company further expanded in 1986 by starting its housing division, Southside Contractors, Inc., to purchase and renovate older homes for resale. By the late-1980’s, Southside Contractors was acquiring an average of over 100 homes a year. Riding this wave of success, TJM continued to grow and enhance its portfolio throughout the 1990’s by focusing on purchasing and converting a number of older hotels and apartment buildings into residential hotels.
In 2001, TJM purchased two large senior living towers in downtown Clearwater, Florida. The smaller of the two was closed and resold shortly after the purchase. The other building, The Oaks of Clearwater, stands today as TJM’s marquis senior property, with unsurpassed views of Clearwater Bay and impeccable grounds.
Following the acquisition of The Oaks, TJM concentrated on building a senior housing portfolio and acquired 18 more facilities in the next 10 years, becoming one of the largest privately held independent and assisted living owners in the Southeast. In 2013, a large R.E.I.T. made an offer to purchase 15 of these facilities for $220,000,000; ranked as one of the largest privately held company sales in Pinellas County history.
In 2010, due to a depressed hotel market, TJM started a hotel acquisition company and purchased three Flag hotels from bankruptcy with plans on growing the hotel side of the business.
After the sale of the 15 senior living properties, towards the end of 2013, TJM contracted to purchase the Claridge Hotel in Atlantic City on the famous boardwalk. It closed the hotel, renovated it and opened it in June 2014. During that time, TJM also purchased the Atlantic City Hotel in Atlantic City to reposition and sell.
TJM has purchased three other large full service hotels in the Eastern United States with plans to increase their holdings.
THE FUTURE
The company is looking to grow is portfolio of hotels, similar to what it did in the senior living market, by purchasing two to three hotels a year. These hotels will be 300 +/- unit full service hotels with a minimum of 12,000 square feet of banquet space in mid to large markets.
