Senior-living real estate firm, TJM Properties, recently inked a
$3.2 million deal to acquire the landmark Princess Martha building.
According to TJM Properties President, Terence J. McCarthy, the company
will continue managing and operating the 119-unit Princess Martha as a
senior living community, which the property has served as for a number
Originally built in 1924, the Princess Martha started
out as the Mason luxury hotel. During its early days, the building
operated as the spring headquarters for the New York Yankees, and
provided temporary accommodation for many Yankee greats, including Babe
Ruth, as well as lodging for such American luminaries as civil rights
leader Clarence Darrow and Pulitzer Prize-winning writer Carl Sandburg.
With the purchase of the Princess Martha senior-living center, Terence J.
McCarthy and the staff at TJM Properties own and manage at least three
senior living facilities in Pinellas County, FL. Properties include the
320-unit, 15-story Oaks of Clearwater, the company’s marquis property,
and the 157-unit Bayside Terrace in Pinellas Park.
Retirement communities are housing developments designed specifically for people over the age of 55 or those who no longer work. Many retirement communities possess special facilities that accommodate the desires of retirees. Such facilities include golf courses, gardens, restaurants, and on-site medical facilities.
There are three main types of retirement communities that offer their residents differing services and amenities. Active communities include residential units that are not intended for long-term health care use. Active communities typically include amenities such as clubhouses, pools, media rooms, and exercise facilities. They also plan many community events such as day trips and shopping excursions. The second type of retirement community is referred to as active/supportive communities. These are a combination of residential units and facilities that provide health care. Lastly, there is the third type called supportive communities. These refer to long-term health care facilities, such as nursing homes and assisted living, where nursing care is provided to residents.
All types of retirement communities provide their residents with security, structure, and comfort. Retirees can find the type of community suited for them depending on their necessary level of care.
About the Author: Terence J. McCarthy, president of TJM Properties, has been involved in the elderly care business since 1984. His company currently owns andmanages over 2,300 senior living units located in various states throughout the southeast United States.