Venice senior living community acquired by New York firm

A New York real estate investment firm has acquired a senior living community in Venice in an off-market transaction. Town Lane is the buyer of The Goldton at Venice. The seller is Venice Health Partners LLC, which corresponds to The Goldton's developer, DMK Development Group, based in Louisville, Kentucky. Financial terms of the deal were not disclosed.

While property records have not been updated to reflect the sale as of Aug. 19, Sarasota County records show the buyer assumed a $25.71 million mortgage on the property from Venice Health Partners on Aug. 14.

The acquisition of The Goldton at Venice marks the third senior living community in the region for Town Lane. Earlier this summer, Town Lane acquired Discovery Village Sarasota Bay and Discovery Village Naples. Property records show those sold for $44.4 million and $38.6 million, respectively. Discovery Village Sarasota Bay was built in 2022, while Discovery Village Naples was built in 2020.