Morgan Stanley Investment Management, through its Morgan Stanley Real Estate Investing (MSREI) arm, has announced a partnership with Brightview Senior Living to acquire eight senior housing communities. These properties were purchased from Harrison Street, an investment firm specializing in alternative real assets. The portfolio includes 1,186 units located in the Baltimore, Philadelphia, Providence, and Boston metropolitan areas. Brightview will continue managing these communities.
Will Milam, Head of U.S. Investments at MSREI, stated: “We are pleased to acquire this high-quality portfolio of senior housing communities that have demonstrated a track record of strong operational performance.” He emphasized the growing demand due to aging demographics and praised Brightview's 25-year history of quality care.
Brian Engle, EVP of Operations for Brightview Senior Living expressed enthusiasm about the partnership with MSREI: ”We are excited to partner with MSREI as we remain committed to being a great place to work for our associates and a great place to live for our residents.”
John Burns Research and Consulting predicts that nearly all 69 million baby boomers will reach age 70 or older by 2033. This demographic shift is expected to boost demand for senior living options like assisted living and nursing facilities.
MSREI has been actively investing in senior housing since disruptions caused by the COVID-19 pandemic. Currently, it holds interests in approximately 30 senior living communities across the United States.
JLL Capital Markets advised on this transaction and secured financing from Freddie Mac for MSREI.
Brightview Senior Living operates over 45 award-winning communities along the East Coast offering various levels of care including Independent Living and Memory Care services. The company has been recognized multiple times by Fortune Magazine as one of the best workplaces in aging services.
Morgan Stanley Real Estate Investing is part of Morgan Stanley Investment Management which manages $53 billion in global real estate assets. Morgan Stanley itself is a major financial services firm operating worldwide.