Discovery Senior Living and White Oak Healthcare REIT have acquired 16 senior living communities across Texas, North Carolina and New Mexico, through a joint venture announced Friday. The move, which Bonita Springs, FL-based Discovery said was the single largest acquisition in its history, has resulted in the creation and launch of Morada Senior Living, the firm’s newest division and regional brand.
The $230 million sale was first reported last week during Healthpeak’s fourth-quarter earnings call. The 16 properties formerly were operated by Dallas-based Capital Senior Living, Louisville, KY-based Atria Senior Living and Des Moines, IA-based Life Care Services. JLL Capital Markets represented the seller.
Morada Senior Living will be based in Dallas and operated as a wholly owned subsidiary of Discovery Senior Living. Operations, sales, marketing, human resources, treasury, finance, accounting and business analytics support will be provided through the firm’s Florida headquarters.
The expansion brings Discovery Senior Living’s current operating portfolio to 69 communities with more than 11,000 units and further diversifies the firm’s growing, multi-brand portfolio. It also establishes a stronghold in Texas, where 26 communities in total across four different brands — Caruth Haven Court, Conservatory, Discovery Village and Morada — make for the highest number of communities in any of the 15 states where Discovery currently owns and operates communities.
“We are extremely enthusiastic to execute the purchase of this portfolio with our long-standing partner, White Oak Healthcare REIT,” said Richard J. Hutchinson, CEO of Discovery Senior Living. “The portfolio of communities, on-site leaders and teams of dedicated professionals are a perfect fit for our Morada Senior Living brand, and the acquisition aligns very well with our strategy of growth by operating a portfolio of both national and regionally-focused brands with dedicated management teams.”
He added that the firm is “extremely bullish on the future of this portfolio, the industry in general and our ability to differentiate ourselves for our customers, team members and capital partners.”