Fortress Investment Group on Thursday announced that funds managed by its affiliates have acquired The Village at Gainesville, one of the country’s largest retirement rental communities. ”The community fits with our investment strategy of acquiring well-run, high-quality senior housing communities, and investing in them to ensure they are positioned to meet the upcoming demand from the baby boomer generation,” said Pete Stone, Managing Director at Fortress, in a press release. “The Village at Gainesville is unique for its scale and the range of lifestyles and services it offers, and we’re pleased to bring a committed investment plan and our retirement community expertise to the property.” The Village at Gainesville, 8000 NW 27th Blvd., offers a range of retirement lifestyles across a neighborhood of 45 cottages and nine additional residential buildings — six independent-living, one assisted-living and two memory-care. Two central amenity buildings offer dining, fitness, on-site health care and other services. Recreational activities and cultural events take place across the community’s more than 100 acres, which features conservation wetlands, and native tall pines and live oaks. Fortress is acquiring the community from Santa Fe Healthcare, which has owned and managed The Village at Gainesville for over 30 years, overseeing three major development phases from 1986 through 2009. Santa Fe Healthcare was advised by Continuum Advisors, a national senior housing investment sales and advisory firm, on the transaction.
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“Our initial investment plans include a comprehensive renovation of the community’s oldest building, the Lake House, from plumbing to appliances and décor. We’re also planning improvements to the memory care residences, and community-wide upgrades to the on-site amenities and facilities,” Stone said in the release…