Morgan Stanley Real Estate Investing Acquires Brightview Senior Living Portfolio

Morgan Stanley Investment Management, through investment funds managed by Morgan Stanley Real Estate Investing (MSREI), announced today it has partnered with Brightview Senior Living (Brightview) to acquire a portfolio of eight premium senior housing communities from Harrison Street, one of the leading investment management firms exclusively focused on alternative real assets with approximately $56 billion in assets under management. The portfolio, which Brightview originally developed, is comprised of 1,186 units across the Baltimore, Philadelphia, Providence and Boston metropolitan areas. Brightview will continue to operate the communities.

“We are pleased to acquire this high-quality portfolio of senior housing communities that have demonstrated a track record of strong operational performance,” said Will Milam, Head of U.S. Investments at Morgan Stanley Real Estate Investing. “Aging demographics, notably the accelerating growth in the 70- to 85-year-old age group, coupled with Brightview’s 25 years of providing excellent care for their residents make this an attractive investment for our investor clients.”

”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,” said Brian Engle, EVP of Operations for Brightview Senior Living.

According to John Burns Research and Consulting, nearly all 69 million baby boomers will reach 70 or older by 2033. This cohort’s wealth accumulation from the appreciation in equities and housing in recent years is expected to increase demand for quality senior living with care options, such as assisted living and nursing facilities.

Funds managed by MSREI have been actively investing in senior housing since the sector was dislocated during the COVID-19 pandemic and today have an ownership interest in approximately 30 senior living communities across the United States with nearly 3,000 independent living, assisted living and memory care units.

JLL Capital Markets advised the sellers on the transaction and secured Freddie Mac acquisition financing for MSREI.

About Brightview

Brightview Senior Living builds, owns, and operates over 45 award-winning vibrant senior living communities in eight states along the East Coast: Connecticut, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, Rhode Island, and Virginia. We offer senior Independent Living, Assisted Living, Enhanced Care, and Wellspring Village™, a specialized neighborhood for people living with Alzheimer’s disease and other forms of dementia. Brightview’s award-winning culture has been recognized at the top of Fortune Magazine’s Best Workplace in Aging Services for five years in a row and is the only senior living company recognized multiple times by Fortune’s 100 Best Companies to Work for, Fortune’s Best Workplaces for Women, and People Magazine’s Companies that Care. Brightview communities rank in the top three organizations in the country for the percentage of communities awarded U.S. News & World Report’s Best Independent Living, Best Assisted Living, and Best Memory Care awards.

About Morgan Stanley Real Estate Investing

Morgan Stanley Real Estate Investing (MSREI) is the global private real estate investment management business of Morgan Stanley. One of the most active property investors in the world for over three decades, MSREI employs a patient, disciplined approach through global value-add / opportunistic and regional core / core-plus real estate investment strategies. With 17 offices throughout the U.S., Europe and Asia, regional teams of dedicated real estate professionals combine a unique global perspective with local presence and significant transaction execution expertise. MSREI currently manages $53 billion of gross real estate assets worldwide on behalf of its clients.

About Morgan Stanley Investment Management

Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 1,300 investment professionals around the world and $1.6 trillion in assets under management or supervision as of September 30, 2024. Morgan Stanley Investment Management strives to provide strong long-term investment performance, outstanding service, and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide. For further information about Morgan Stanley Investment Management, please visit www.morganstanley.com/im.

About Morgan Stanley

Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit www.morganstanley.com.

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