Bonita Springs, Florida–(Newsfile Corp. – October 19, 2026) – Discovery Senior Living (“Discovery” or “DSL”), the largest and one of the most trusted seniors housing operators in the U.S., is pleased to announce that it has entered into a definitive agreement to acquire Sunshine Retirement Living (“Sunshine”), an established, multi-state seniors housing management company with a longstanding history in seniors housing ownership and operations. Under the terms of the transaction, Discovery will acquire 100% ownership of Sunshine’s operating management company and join Discovery’s family of management companies. The acquisition further expands Discovery’s national operating platform creating an important springboard for continued growth in the Pacific Northwest region.
Founded in 2010 and headquartered in Bend, Oregon, Sunshine manages 33 senior living communities comprising +3,500 units, including +2,750 independent living, 207 assisted living and 544 memory care units. The acquisition builds upon Discovery’s existing geographic footprint while introducing new regional capabilities, experienced operating leadership and additional institutional capital provider relationships. The portfolio’s geographic alignment with Discovery’s existing operations also creates opportunities for regional operating efficiencies, shared resources and market-level collaboration.
The Transaction
Under the terms of the transaction, the underlying communities remain under existing ownership, including a Sunshine-affiliated entity, Sabra Healthcare REIT (NASDAQ: SBRA) and Investcorp. Sunshine will continue providing management services to these communities as part of Discovery’s national operating platform while remaining its own distinct management company. The transaction introduces a new owner relationship to Discovery, while further expanding its existing relationship with Sabra Healthcare REIT and Investcorp.
“This acquisition represents exactly the type of strategic opportunity our differentiated operating platform was designed to support, establishing an important foundation for Discovery’s continued expansion across the Pacific Northwest region,” said Richard Hutchinson, Chief Executive Officer of Discovery Senior Living. “We’ve demonstrated the strength of this strategy before. When we acquired ISL, we had no presence in California. Today, we manage more than 60 communities with over 7,000 units across the state, with occupancy averaging in excess of 90%. We see a similar opportunity with Sunshine to establish a significant regional operating presence, leveraging Discovery’s scale and sophisticated institutional capabilities to offer owners a compelling alternative in a fragmented senior living operating market.”
“Sunshine has been a valued operating partner with a strong track record of performance and asset-level execution,” said Rick Matros, President and CEO, Sabra Healthcare REIT. “We’re pleased to expand our relationship with Discovery Senior Living, whose institutional operating capabilities, scale and disciplined approach to performance optimization position the portfolio to drive continued NOI growth, operating efficiencies and long-term asset value creation.”
About Sunshine
With an established strong operating track record, Sunshine has consistently delivered high occupancy and net operating income performance to owners. The company is led by President and Co-Founder Luis Serrano, an accomplished executive with extensive experience in senior living, real estate investment management and more than two decades of strategic leadership and management consulting experience, including roles with McKinsey & Company and JPMorgan Chase. Under his leadership, Sunshine has built a sophisticated operating infrastructure and deep community-level expertise, positioning the business for continued growth and expansion as part of Discovery’s national platform.
“We’re incredibly excited to welcome Sunshine and its exceptional leadership and operating teams to the Discovery family,” Hutchinson continued. “Sunshine brings a successful, established business, strong capital relationships and a demonstrated record of operating performance. Our approach is to preserve the leadership, expertise and entrepreneurial strengths that have made Sunshine successful, while providing institutional resources and capabilities. We see tremendous opportunity to build upon Sunshine’s strong foundation and an exceptional culture that balances high performance and a commitment to delivering high-quality resident experiences that enrich the lives of those they serve. By preserving these strengths and leveraging Discovery’s institutional platform, we can accelerate growth, expand ownership group relationships, and create even greater value for residents, team members and the communities we serve.”
Also under the terms of the transaction, Sunshine will retain its established brand and management identity as the newest member of Discovery’s family of management companies. Luis Serrano will continue leading the business as President, with responsibility for ongoing operations, strategic growth and expanding the company’s presence in existing and new markets.
Through Discovery’s differentiated management company model, Sunshine will gain access to an extensive infrastructure of specialized in-house resources including finance and SOX compliant accounting, business intelligence, sales, in-house marketing agency, clinical operations, human resources, talent acquisition, procurement and group purchasing, technology, legal, licensing and compliance, communications and other critical operational disciplines. These capabilities will support Sunshine’s existing management team while enabling community-level operators to remain focused on resident and team member experiences, service delivery and operating performance.
“Sunshine has built a successful business through deep operating expertise, strong local community relationships and an unwavering focus on performance and resident experience,” said Luis Serrano, President, Sunshine Retirement Living. “As we considered the next chapter of our business, we recognized the opportunity to accelerate our growth by joining Discovery. Their platform gives us immediate access to sophisticated institutional capabilities and specialized expertise that would otherwise require significant time and investment to build independently. Importantly, we are retaining our brand, leadership and operating identity while expanding the resources available to our teams and owners. We believe this combination positions Sunshine to achieve even more success in the years ahead.”
The transaction is subject to customary closing conditions and is expected to close in Q4 2026. Financial terms were not disclosed.
About Discovery Senior Living
Discovery Senior Living is the largest operator in U.S. with a growing portfolio in excess of 50,000 units across 453 communities in 40 states. The Company, and ~28,500 team members, is a recognized industry leader for performance, innovation and customized lifestyle experiences. Discovery proudly ranks #1 in Customer Satisfaction Among Assisted Living and Memory Care Communities in the J.D. Power 2025 U.S. Senior Living Satisfaction Study achieving #1 in Customer Satisfaction among Assisted Living & Memory Care Communities while also ranking #1 in Community Staff, Resident Activities, Resident Apartment/Living Unit, and Community Buildings & Grounds and #2 in Customer Satisfaction among Independent Living Communities. Discovery’s family of companies includes Discovery Management Group, Integral Senior Living, Sunshine Retirement Living, Provincial Senior Living, Morada Senior Living, Summerhouse Senior Living, Seaton Senior Living, TerraBella Senior Living, LakeHouse Senior Living, Arvum Senior Living, Discovery Design Concepts, STAT Marketing, and Discovery at Home. Led by its award-winning management team, Discovery has been developing, building, marketing, and managing diverse senior-living communities across the United States for three decades. For the fifth consecutive year, Discovery Senior Living was again certified a Great Place to Work – May 2026 – May 2027.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/319674
Source: Discovery Senior Living
