News Summary
Town Lane, a real estate investment firm from New York, has acquired The Goldton at Venice, a senior living community, through an off-market deal. This purchase marks their third senior housing investment in Florida, coinciding with significant population growth expectations among seniors. The acquisition includes a $25.71 million mortgage previously held by Venice Health Partners. With modern amenities and a strategic operational partnership with Atlas Senior Living, Town Lane aims to enhance the quality of senior living in the region.
Florida – Town Lane, a real estate investment firm based in New York, has successfully acquired The Goldton at Venice, a senior living community, through an off-market transaction. The previous owner of the property was Venice Health Partners LLC, affiliated with the developer DMK Development Group located in Louisville, Kentucky. The financial terms of the acquisition remain undisclosed.
According to records from Sarasota County, Town Lane assumed a mortgage worth $25.71 million from Venice Health Partners on August 14, marking this purchase as a significant entry into Florida’s senior living market. This acquisition represents Town Lane’s third senior housing community in the region, following its earlier purchases of Discovery Village Sarasota Bay for $44.4 million and Discovery Village Naples for $38.6 million this summer.
Discovery Village Sarasota Bay was completed in 2022, while Discovery Village Naples opened in 2020. In contrast, The Goldton at Venice, which launched in 2023, features 167 units and offers various living options, including independent living, assisted living, and memory care. The community is equipped with modern amenities such as fitness and rehabilitation facilities, a swimming pool, and a theater, catering to a wide range of resident needs.
Tyler Henritze, Managing Partner at Town Lane, stated that the acquisition strategically adds a “well-located, recently constructed, high-quality senior housing asset” to their expanding portfolio. The Goldton is situated at 108 Bella Verde Blvd. in an area anticipated to experience nearly 20% population growth among individuals aged 75 and older in the coming years, signaling an increase in demand for senior housing solutions.
In addition to strong growth predictions, Town Lane has observed a notable trend of net in-migration to the area, reinforcing its investment strategy in senior housing. The company prioritizes these investments due to the compelling market fundamentals that indicate a sustained need for such facilities.
Management of The Goldton at Venice will continue under the expertise of Atlas Senior Living, an operator based in Alabama that currently manages a total of eight senior housing communities across Florida. This management partnership aids in maintaining operational continuity and service quality for residents.
Town Lane was established in 2024 after successfully raising $1.25 billion from institutional investors, positioning itself as a prominent player in the real estate investment sector focused on senior living facilities. The firm was founded by experienced figures from both Blackstone and Sycamore Partners, bringing a wealth of knowledge and expertise to their venture. Legal counsel for this acquisition is provided by Gibson Dunn LLP.
This acquisition by Town Lane highlights an ongoing trend in the senior housing sector, emphasizing the growing demand for quality living solutions for the aging population in Florida. With their strategic investments and established management partners, Town Lane is poised to make a meaningful impact on the senior living landscape in the state.
Deeper Dive: News & Info About This Topic
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- Google Scholar: Senior Living Industry
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