NEW YORK CITY — Morgan Stanley Investment Management, through funds managed by Morgan Stanley Real Estate Investing (MSREI), and Foundry Commercial have completed the sale of a portfolio of 11 communities within the Spring Arbor Senior Living collection. An undisclosed buyer purchased the communities for $296 million.
Located in Maryland and Virginia, the properties total 795 assisted living and memory care units. According to Morgan Stanley, the communities surpassed 90 percent occupancy in recent years. Foundry will continue to operate the properties through its affiliated Allegro Living platform.
This marks the completion of New York City-based MSREI’s disposition of the Spring Arbor Senior Living collection. MSREI originally acquired the collection of 25 communities (located in Maryland, Virginia and North Carolina) in partnership with Foundry Commercial between 2022 and 2023.
Funds managed by MSREI — which have actively invested in the seniors housing sector since 2022 — currently have an ownership interest in roughly 11 communities totaling approximately 2,000 independent living, assisted living and memory care units.