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Discovery Senior Living and Lone Star Funds Partner on Recapitalizing Flagship Community Portfolio

Discovery Senior Living and Lone Star Funds Partner on Recapitalizing Flagship Community Portfolio

The senior living provider and an affiliate of Lone Star Funds have entered into a long-term management agreement as part of the sale of Discovery's nationally branded Discovery Village portfolio, as former capital partner Healthpeak Properties makes a strategic exit from the senior living space.

PR Newswire

BONITA SPRINGS, Fla., May 12, 2021 /PRNewswire/ -- Discovery Senior Living ("Discovery") today announced a new partnership with an affiliate of Lone Star Funds ("Lone Star") 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.

About Discovery Senior Living

Discovery Senior Living is a family of companies that includes Discovery Management Group, Morada Senior Living, Discovery Development Group, Discovery Design Concepts, Discovery Marketing Group, and Discovery At Home, a Medicare-certified home healthcare company. With almost three decades of experience, the award-winning management group has been developing, building, marketing, and operating upscale senior-living communities across the United States. By leveraging its innovative "Experiential Living" philosophy across a growing portfolio of almost 12,000 existing homes or homes under development, Discovery Senior Living is a recognized industry leader for lifestyle customization and, today, ranks among the 10 largest U.S. senior living operators and providers.

About Lone Star Funds

Lone Star is a leading private equity firm advising funds that invest globally in real estate, equity, credit and other financial assets. Since the establishment of its first fund in 1995, Lone Star has organized 21 private equity funds with aggregate capital commitments totaling more than $85 billion.

Media Inquiries:

Heidi LaVanway, Vice President of Marketing

HLaVanway@DiscoveryMGT.com | 239.301.5330

Related Images

discovery-senior-living-partners.jpg

Discovery Senior Living Partners with Lone Star Funds for Recapitalization of Flagship Portfolio

Discovery Village At Sarasota Bay Assisted Living and Memory Care community. One of 10 nationally branded Discovery Village communities, now owned by Lone Star Funds.

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/discovery-senior-living-and-lone-star-funds-partner-on-recapitalizing-flagship-community-portfolio-301290183.html

SOURCE Discovery Senior Living



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