Discovery Senior Living is assuming management of 19 Ventas-owned properties formerly operated by Eclipse Senior Living under the Elmcroft name. The company also is making changes at a management company and creating new regional brands.
Ventas announced a month ago that Lake Oswego, OR-based Eclipse will cease management operations in 2022 after 90 senior living communities it manages for the real estate investment trust are transitioned to new operators. The communities, the REIT said, were “adversely affected” by the COVID-19 pandemic. Most of the moves are expected to be complete by the end of this year.
“We are thrilled to expand our partnership with Ventas and have the opportunity to utilize our unique, locally focused, regional brand management company structure to create sustained success in these communities,” Discovery CEO Richard J. Hutchinson said in a press release.
As part of the transition of operations to the Bonita Springs, FL-based company, Discovery will transition its TerraBella regional brand into a second, formal, regionally focused, wholly owned subsidiary management company. TerraBella’s established footprint will expand in the Carolinas and Georgia.
Dave Adams, who has been advising Discovery on the integration of the new acquisitions, will be division president of TerraBella Senior Living, overseeing the TerraBella division’s leadership teams. Additional support will be provided at the parent company’s Florida headquarters.
The transition also gives rise to two, newly created regional brands: SummerHouse and Seaton. Thirteen Elmcroft properties have been rebranded under the TerraBella umbrella, with SummerHouse beginning as a three-community, Alabama-focused portfolio. Seaton consists of two, Mid-Atlantic communities. The remaining community, in Albuquerque, NM, will be managed by Discovery’s Texas-based Morada Senior Living regional management company.
“This is an exciting milestone for our organization, and an expansion of our partnership with one of the pre-eminent owners of seniors housing assets in our industry, which very much aligns with our strategy of achieving growth by operating both national and regionally focused brands with dedicated senior management teams that are highly supported by state-of-the-art home office resources,” Hutchinson said.
Discovery currently operates a portfolio of more than 90 communities, which together encompass more than 13,000 units, according to the press
