The private real estate arm of Morgan Stanley Investment Management and Foundry Commercial have sold the final 11 communities in a US senior living portfolio for $296m (€250m).
Morgan Stanley Real Estate Investing (MSREI) and Foundry said they have sold the portfolio of 795 assisted living and memory care units in the Spring Arbor Senior Living collection in Maryland and Virginia to an S&P 500 company focused on senior housing.
Following the latest disposal, MSREI has completed its exit from the Spring Arbor Senior Living portfolio following the sale of 25 communities across Maryland, Virginia and North Carolina. The US-based investment manager originally acquired the collection in partnership with Foundry through a series of transactions between 2022 and 2023.
Will Millam, head of Morgan Stanley Real Estate Investing US, said: “We are proud to have been part of the Spring Arbor Senior Living Collection and of the partnership with Foundry to strengthen operations, improve performance and deliver high-quality care to our residents over the last four years.
“This investment highlights MSREI’s ability to identify opportunities during periods of market dislocation, partner with best-in-class operators and create value through disciplined operational execution.”
Kevin Maddron, president of healthcare services for Foundry, said: “We appreciate MSREI’s partnership and working with them to provide quality care to our residents in a warm and inviting environment.
“Furthermore, we look forward to building upon the reputation of these communities and the care our associates deliver with the new owner.”
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