Sarasota, Naples senior communities acquired by NY investor

A New York investor has acquired two senior living properties in the region: Discovery Village Sarasota Bay and Discovery Village Naples. Financial terms of the acquisition were not disclosed.

As a result of the transaction, commercial real estate investment manager Town Lane has acquired the independent living components of the communities, which together total 373 units. 

Each campus contains assisted living and memory care facilities, which will continue to be operated by Discovery Senior Living. The Bonita Springs-headquartered senior living company will also continue to lease and operate Discovery Village Sarasota Bay and Discovery Village Naples, according to a statement.

Discovery Village at Sarasota Bay is located on 69th Avenue W. in Manatee County, about 10 minutes from the Sarasota-Bradenton International Airport. It opened in 2022 and is along the Sarasota Bay inlet, according to a statement. 

Discovery Village Naples opened in 2020 in south Naples, where it is located near the intersection of Collier Boulevard and Rattlesnake Hammock Road, on Sierra Meadows Boulevard. It is by grocery-anchored retail, health care facilities and luxury resorts.

Both communities include restaurant-style dining rooms, outdoor courtyards and pools, fitness and rehab spaces, beauty salons and theaters.

Image via discoveryvillages.com

“We are excited to announce the acquisition of these two newly-built, well-located senior housing communities,” Town Lane Managing Partner Tyler Henritze says in the statement. “The underlying fundamentals in both these sub-markets, as well as the broader senior housing landscape, remain compelling.” 

Both properties are supported by favorable demographic trends, including robust net in-migration and sustained growth in the 75-plus and 85-plus age cohorts, according to the statement.

“New vintage, high-quality senior housing benefitting from strong demographic tailwinds represents a key theme for Town Lane with additional transactions pending,” Henritze says.

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. Currently it is prioritizing logistics, multifamily, hospitality platforms and digital infrastructure, according to its website. The firm says it seeks to identify emerging trends, evaluate misunderstood opportunities and capitalize on episodic market dislocations.