Town Lane acquired two Class A Independent Living communities in Naples and Sarasota. Each is co-located on campuses with Assisted Living / Memory Care facilities (AL/MC). Both communities, comprising 373 units in total, were recently built, with Naples opening in 2020 and Sarasota opening in 2022.
The Naples and Sarasota properties are supported by favorable demographic trends, including robust net in-migration and sustained growth in the 75+ and 85+ age groups. Discovery Village Naples offers proximity to lifestyle amenities including grocery-anchored retail, luxury resorts, and healthcare facilities. Discovery Village Sarasota Bay (photo) is located alongside the Sarasota Bay inlet and 10 minutes from the Sarasota International Airport. The communities offer amenities including restaurant-style dining rooms, outdoor courtyards and pools, fitness and rehab spaces, theatres and beauty salons.
Discovery Senior Living, which also operates the co-located AL/MC communities, will continue to operate and lease the portfolio.
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