Milestone Management Deal Adds 19 Communities to Discovery Senior Living’s Portfolio
Discovery Senior Living (“Discovery”) and Ventas have announced the rebranding of 19 former Elmcroft Senior Living communities, which have been reallocated across the Discovery national and regional brand companies/portfolios. Management functions for the communities, which are located in multiple states, were transferred from prior operator Eclipse to Discovery, while Ventas will retain ownership of each.
The move results in the TerraBella regional brand name’s transformation into a second, formal, regionally-focused, wholly-owned subsidiary management company for the Discovery enterprise, and also gives rise to two, newly created regional brands, named SummerHouse and Seaton. Of the 19 communities in total, 13 were rebranded under the TerraBella marque, with SummerHouse beginning as a three-community, Alabama-focused portfolio, and Seaton consisting of two, Mid-Atlantic communities. The remaining community, in Albuquerque, New Mexico, will be managed by Discovery’s Texas-based Morada Senior Living regional management company.
TerraBella has now expanded an already established footprint in the Carolinas and Georgia and will now be operated in Discovery’s innovative National and Regional Brand Management construct. Dave Adams, who has been serving the Discovery organization in an executive advisory capacity and focusing on the integration of new acquisitions, has been announced as the Division President of TerraBella Senior Living. Adams will now oversee the TerraBella division’s leadership teams with additional support provided through the parent company’s Florida headquarters.
“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,” said Richard J. Hutchinson, CEO of Discovery Senior Living. “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,” added Hutchinson.
Discovery Senior Living currently operates a portfolio of more than 90 communities, which together encompass more than 13,000 units.