New York-based global investment company Fortress Investment Group finalized its purchase of The Village at Gainesville from SantaFe Healthcare on Thursday, effectively flipping the retirement community from nonprofit to for-profit status.  

Fortress announced the purchase in a press release, breaking a months-long silence during the acquisition process as they worked with The Village to transfer the retirement community’s outstanding HUD loan, according to an informational meeting held in September.  

“We are thrilled to acquire The Village at Gainesville, the premier retirement community in Gainesville, Florida,” said Pete Stone, Fortress’s managing director. “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.” 

As of December 2024, alternative asset management company Fortress manages $49 billion in assets for around 2,000 companies worldwide. Fortress owns 16 retirement communities in the U.S., including seven others in Florida, and 68 percent of its shares are owned by Abu Dhabi-based Mubadala Investment Company.  

The Village’s non-profit owner SantaFe Healthcare signed a preliminary agreement with Fortress in July 2024 before informing residents of the sale that summer after being advised by Continuum Advisors, a national senior housing investment sales and advisory firm, on the transaction.  

SantaFe Healthcare owned The Village for over 30 years but started looking for a new owner after selling its health insurance company in 2022.  

The Village residents and their families met with representatives from their new buyers during a series of informational sessions in September and were told to expect the deal to close by the end of 2024. 

In November, the Village’s administration tightened down on residents who distributed information and follow-up questions about the sale. 

“Throughout almost 40 years of operations, The Village at Gainesville has always prioritized a vibrant, supportive community for our residents, and I am confident that this new ownership model will bring tremendous additional benefits,” said Rebecca Catalanotto, executive director of The Village. “Fortress brings extensive experience and resources in retirement rental communities and with their support, we are exceptionally well-positioned to enhance our services and facilities with the goal of ensuring that our residents and community continue to thrive for many decades to come.” 

In the release, Stone detailed the improvements Fortress will prioritize. He said they plan to renovate The Village’s oldest building with plumbing, appliances and decorations. They’re also planning to improve the memory-care residences and make community-wide upgrades to on-site amenities and facilities. 

“With 639 residences, The Village at Gainesville is home to a thriving community of Floridians who are supported by a talented and experienced team of more than 300 employees,” he said. “We’re looking forward to working with these residents and team members, and with the broader Gainesville community, to make this one of the premier retirement communities in the country.” 

The release appealed to the need of retirement communities by citing a statistic from the U.S. Census Bureau that estimates about 10% of the U.S. population will be 75 years old or older by 2030. 

They said Gainesville is a convenient place for a place like The Village because it’s known for high-quality healthcare systems and proximity to the University of Florida and the Gainesville Regional Airport. 

“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,” said Stone.