DALLAS — Lone Star Funds, a Dallas-based private equity firm, has acquired a 10-property portfolio of Discovery Senior Living properties in Florida, Texas and Georgia.
Healthpeak (NYSE: PEAK) sold the assets for $334 million. Although the REIT disclosed the sale during its first-quarter results last week, the buyer and any further details weren’t disclosed at that time. Healthpeak is selling the bulk of its seniors housing portfolio in a move to exit the industry in favor of life sciences and medical office real estate.
Discovery Senior Living retained management and daily operational responsibilities for the Discovery Village communities following the transaction. The portfolio totals 1,428 units.
“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,” says Richard Hutchinson, CEO of Discovery Senior Living.
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