December 30, 2021
Discovery Senior Living (“Discovery”) and White Oak Healthcare REIT (“White Oak”) have announced the acquisition and rebranding of eight communities. Management functions for the communities, located in Louisiana (3), Mississippi (2) and South Carolina (3), have been transferred to Discovery Senior Living, effective immediately.
The acquisition results in the addition of three new, TerraBella-branded communities to the TerraBella Senior Living regional management company’s operating portfolio, as well as five additions to Discovery’s SummerHouse regional brand, including the first two, Active Independent Living communities in that brand’s growing portfolio. In addition to expanding available living options for SummerHouse, it also sees Discovery establish a debut presence in Mississippi, which becomes the 16th U.S. state in which the senior living provider now owns and/or operates.
The move is the latest in what’s been a historic period of growth and expansion for Discovery, which on November 2 announced the assumption of operations for 19, former Eclipse Senior Living communities in partnership with owner Ventas.
“Our company’s growth and success amidst today’s unprecedented industry landscape is possible only with the continuing support of capital partners like White Oak, which have long shared our penchant for innovation and the strategic expansion of Discovery’s National and Regional Brand Management construct,” said Richard J. Hutchinson, CEO of Discovery Senior Living. “These markets and communities align nicely within the scope of our SummerHouse and TerraBella brands, and we’re both proud and energized to continue to expand our partnership with White Oak, and apply our unique, locally focused, regional brand management structure to create sustained success for these communities,” added Hutchinson.
“We are very excited to have completed another acquisition of high-quality communities with Discovery and to continue expanding our established relationship. Discovery continues to be an industry-leading operator, and again, White Oak is excited to be a meaningful part of the growth of their regional brand management initiative,” said Jeff Erhardt, Managing Director, White Oak Healthcare REIT.
Including its latest acquisitions, Discovery Senior Living now operates a portfolio in excess of 100 communities and 13,500 units.