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Discovery Acquires 16 Properties, Launches New Morada Brand for Portfolio

BONITA SPRINGS, Fla. — Discovery Senior Living has acquired a portfolio of 16 seniors housing properties in Texas, North Carolina and New Mexico, the largest single acquisition in the Bonita Springs-based owner-operator’s history.

Discovery’s partner on the acquisition was White Oak Healthcare REIT. The seller and names of the communities were not disclosed.

As part of the purchase, Discovery launched a new brand — Morada Senior Living. Based in Dallas and wholly owned by Discovery, Morada will oversee the new portfolio with a dedicated management team led by a division president.

acquisition and rebranding of 16 senior living communities across Texas, North Carolina and New Mexico. The move, which was the single, largest acquisition in Discovery Senior Living history, resulted in the creation and launch of Morada Senior Living, the company’s newest division and regional brand. Operations, sales, marketing, human resources, treasury, finance, accounting and business analytics support will be provided through Discovery’s Florida headquarters.

The expansion further diversifies Discovery’s growing, multi-brand portfolio and establishes a stronghold in Texas, where the company owns 26 communities across 4 different brands. Texas now represents the highest number of communities in any of the 15 states where the company currently owns and operates.

“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,” says Richard Hutchinson, CEO of Discovery Senior Living.

With this most recent transaction, Discovery Senior Living now operates a portfolio of 69 communities with more than 11,000 units, placing the company in the nation’s top 10 largest senior living operators.

The post Discovery Acquires 16 Properties, Launches New Morada Brand for Portfolio appeared first on Seniors Housing Business.

Source: Senior Housing Business

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