MIAMI—In a transaction worth more than $200 million, TJM Properties just sold 15 of its senior living communities, Fortress Investment Group/Holiday, a real estate investment trust (REIT) that specializes in retirement housing, snapped up the assets.

Since 2001, TJM has acquired, developed and managed a portfolio of senior living facilities across the southeast. Recently, TJM received several offers for its senior living properties and ultimately decided to sell 15 of them to Fortress.

“The residents and employees at all of our properties are like family,” says Dale Schooley, director of acquisitions for TJM. “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.”