Brookdale Senior Living will sell its Brookdale Battery Park independent living community in Manhattan to real estate investment trust Ventas for approximately $194 million, the companies announced Monday.

The transaction is expected to close by the end of the year. Brookdale will continue to manage the property under a separate management agreement.

“I am thrilled that we will continue to operate Battery Park after closing, as we have since the community opened in 2000, and thank Debra Cafaro and the Ventas team for their continued partnership and another mutually beneficial transaction,” Brookdale President and CEO Lucinda “Cindy” Baier said in a statement.

Brookdale said it expects $140 million in net proceeds from the sale of the community.

Baier said the sale marks continued progress on its previously announced plan to market this year and sell 28 of the communities it owns (down from the 30 originally announced). Brookdale expects the sales will generate aggregate proceeds of more than $250 million, net of associated debt and transaction costs.

The 14-story Brookdale Battery Park includes 217 units and overlooks the Hudson River. In a separate announcement, Ventas called the building “distinctive” and “premier.”

“Battery Park adds an irreplaceable, well-established community to our high-quality seniors housing portfolio and is uniquely positioned to benefit from New York City’s strong demographics,” said Cafaro, Ventas chairman and CEO. “We are pleased to reach another mutually beneficial transaction for Ventas and Brookdale and we look forward to growing and improving this high-quality residence for seniors.”