Discovery Senior Living announced the recapitalization and closing of three Class-A, purpose-built, independent living, assisted living and memory care communities: Discovery Village at Naples (Naples, FL), Discovery Village at Sarasota Bay (Sarasota, FL) and Discovery Village at Castle Hills (Lewisville, TX).
All three communities were designed, funded, developed and launched through Discovery’s fully integrated platform including its in-house design and development department, capital markets, and management capabilities. Opened within the last four years, the two IL communities total 273 units and have stabilized, while the newly opened 90-unit AL/MC community is quickly leasing.
As part of the transaction, Town Lane, a leading private equity real estate investor, acquired ownership of Discovery Village at Naples and Discovery Village at Sarasota Bay and recapitalized the Discovery Village at Castle Hills community in a transaction that closed June 30. Discovery Senior Living will continue as the operator, and entered into new long-term management agreements for the communities.
