A portfolio of eight senior residing communities initially developed by Brightview Senior Residing has modified arms, with funding funds managed by Morgan Stanley Actual Property Investing as the client.
The portfolio of communities contains a complete of 1,186 models throughout the Windfall, Rhode Island; Baltimore, Philadelphia and Boston metropolitan areas. Brightview, headquartered in Baltimore, will proceed to handle the communities going ahead. The operator presently manages 45 senior residing communities in eight states alongside the East Coast.
Morgan Stanley Actual Property acquired the eight communities from funding administration agency Harrison Road. By means of its funding administration arm, Morgan Stanley (NYSE: MS) manages $53 billion of actual property belongings on behalf of its shoppers throughout the globe.
With the sale, funds managed by Morgan Stanley Funding have possession curiosity in 30 senior residing communities throughout the nation, totalling round 3,000 unbiased residing, assisted residing and reminiscence care models, the corporate’s head of U.S. investments, Will Milam, informed Senior Housing Information.
The demand forward from older adults aged 70 to 85, coupled with Brightview’s expertise working senior residing communities, “makes this a pretty funding for our investor shoppers” the corporate famous in its press launch.
Morgan Stanley, by way of its managed funds, additionally has been “actively investing in senior housing for the reason that sector was dislocated in the course of the Covid-19 pandemic,” the corporate famous.
Brian Engle, government vp of operations for Brightview Senior Residing, stated the operator is “excited to companion with MSREI as we stay dedicated to being an ideal place to work for our associates and an ideal place to reside for our residents.”
Brightview is not any stranger to creating communities earlier than handing them off to new homeowners whereas persevering with to handle them. The corporate has fueled its growth development through the years by way of non-public fundraising, most not too long ago by way of a greater than $200 million fund.
Earlier this yr, Brightview President and CEO Doug Dollenberg Jr. informed SHN the operator has a “sturdy growth pipeline that stretches by way of the subsequent five-plus years.”
Earlier this yr in September, Brightview bought 5 communities to Harrison Road in the same association. Virtually a dozen Brightview communities additionally modified arms to Harrison Road in 2019.
