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.

The Goldton at Venice — a 167-unit community with independent living, assisted living and memory care offerings — opened in 2023. It features fitness and rehabilitation facilities, a swimming pool, theater and other amenities.

The acquisition is “another well-located, recently constructed, high-quality senior housing asset to add to Town Lane’s emerging senior housing portfolio,” Town Lane Managing Partner Tyler Henritze says in a statement, “as we continue to prioritize recently built, full-continuum assets in growing markets.”

The Goldton at Venice, at 108 Bella Verde Blvd., is in a market projected to see nearly 20% growth among those 75-plus in the coming years, according to a statement from Town Lane, which adds there is also a strong net in-migration trend in the area.

“As with our prior acquisitions in both Naples and Sarasota, the underlying fundamentals within this market and senior housing broadly are compelling, and this remains a high priority theme for us as a firm,” Henritze says in a statement.

Atlas Senior Living, a senior housing operator based in Alabama, will continue operating The Goldton at Venice. The company currently manages eight senior housing communities in Florida.

New York City-headquartered Town Lane was created in 2024 after raising $1.25 billion of institutional investor capital. It was founded by a real estate executive from Blackstone and a finance expert from Sycamore Partners. Gibson Dunn LLP is serving as legal counsel to Town Lane in the acquisition.