News Summary
Town Lane, a New York-based real estate investment firm, has acquired The Goldton at Venice, a senior living community, through an off-market transaction. The acquisition adds to Town Lane’s growing portfolio of senior living facilities in the area, following similar acquisitions earlier in the summer. The Goldton consists of 167 units focusing on independent living, assisted living, and memory care services, with a range of amenities to enhance residents’ quality of life. This strategic acquisition reflects Town Lane’s commitment to high-quality senior housing as the demand continues to rise.
Venice – Town Lane, a New York-based real estate investment firm, has successfully completed the acquisition of The Goldton at Venice, a senior living community, through an off-market transaction. The sale was finalized with Venice Health Partners LLC, the development group behind The Goldton, which was constructed by DMK Development Group based in Louisville, Kentucky. Financial specifics of the deal remain undisclosed; however, updated property records indicate that Town Lane assumed a mortgage valued at $25.71 million from the seller as of August 14.
This acquisition marks another significant addition to Town Lane’s portfolio, being the third senior living community acquired in the area. Earlier in the summer, the firm secured Discovery Village Sarasota Bay for $44.4 million and Discovery Village Naples for $38.6 million. Notably, Discovery Village Sarasota Bay was built in 2022, while Discovery Village Naples opened in 2020.
The Goldton at Venice, which opened its doors in 2023, consists of 167 units that accommodate independent living, assisted living, and memory care services. Residents will benefit from various amenities, including fitness and rehabilitation facilities, a swimming pool, a theater, and other recreational options designed to enhance their quality of life.
The managing partner of Town Lane noted that this acquisition represents a significant enhancement to their portfolio, focusing on high-quality senior housing assets that cater to rapidly growing markets. The regional market is anticipated to see substantial growth, with nearly 20% projected increase in the population aged 75 and over over the next few years. This growth is paired with a strong trend in net in-migration, reflecting the community’s attractiveness to retirees.
Continuing the management of The Goldton at Venice will be Atlas Senior Living, which operates a total of eight senior housing communities in Florida. Their experience in the sector is expected to uphold and possibly elevate the standards of care provided at the newly acquired facility.
Established in 2024, Town Lane has quickly positioned itself as a significant player in the senior living real estate market, having raised an impressive $1.25 billion in capital from institutional investors. The firm was founded by a seasoned real estate executive from Blackstone and a finance expert from Sycamore Partners, which provides them with robust expertise in identifying and acting on lucrative investment opportunities in growing demographic segments.
Legal counsel for Town Lane in this acquisition was provided by Gibson Dunn LLP, which is recognized for its proficiency in handling complex real estate transactions.
As the demand for high-quality senior living options continues to rise, Town Lane’s strategic acquisitions reflect its commitment to delivering exceptional living environments for seniors. With a growing focus on recently built facilities in thriving markets, the firm aims to meet the increasing needs of the aging population while ensuring continued growth and profitability in the senior housing sector.
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Additional Resources
- Business Observer: Venice Senior Community Acquisition
- Wikipedia: Senior Living
- McKnight’s Senior Living: Welltower to Develop Next Generation of Senior Housing
- Google Search: Senior Housing Trends
- World Atlas: Best Places to Retire in Gulf Coast
- Encyclopedia Britannica: Retirement
- Premier Construction News: Grand Hotel Des Bains Revival
- Google News: Senior Living News
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