Discovery Senior Living announced a new partnership with an affiliate of Lone Star Funds in which the senior living provider has entered into a long-term management agreement of the Discovery Village portfolio, which includes 10 amenity- and service-rich communities across Florida, Texas, and Georgia. An affiliate of Lone Star Real Estate Fund VI completed the acquisition of Discovery Village from Healthpeak Properties on April 30, as Healthpeak continued its strategic exit from the senior living sector.
Discovery Senior Living retained management and daily operational responsibilities for the Discovery Village communities following the transaction.
“We are excited to continue the long-term plan of execution in this Class-A quality portfolio and to expand our company’s relationship with another sophisticated, global capital provider,” said Richard J. Hutchinson, CEO of Discovery Senior Living. “Lone Star shares our passion for delivering an exceptional lifestyle experience, and together, we’re extremely bullish about the future of this portfolio, the industry in general, and our collective ability to differentiate ourselves for current and future customers and team members.”
“We are very excited to be working alongside Discovery Senior Living, a best-in-class seniors housing developer and operator, and believe strongly in the quality of care that Discovery Village offers its residents,” said Jérôme Foulon, Senior Managing Director, Lone Star Funds.“We look forward to the opportunities that our relationship with Discovery Senior Living can unlock over time.”
Discovery Senior Living owns and operates national and regional multi-branded portfolios which currently include more than 70 communities across 15 states.
