Morgan Stanley Investment Management has expanded its Florida senior housing portfolio with the acquisition of two Central Florida communities totaling about 300 units. The Lake Mary and Clearwater properties offer independent living, assisted living and memory care, while AgeWell Senior Living will remain in place as operator.
Key takeaways
- The portfolio includes Sonata Lake Mary and The Preserve at Dunedin.
- The properties sold for a combined $91.1 million, according to reported transaction records.
- The communities contain 299 units by individual property counts, while the seller described the portfolio as totaling 300 units.
- AgeWell Senior Living will continue managing both communities.
- The purchases reflect growing institutional interest in a senior housing market constrained by limited new construction.
Two-property Florida portfolio
Funds managed by Morgan Stanley Real Estate Investing acquired the Class A senior housing portfolio from separate sellers. Sonata Lake Mary, in the Orlando metropolitan area, has 193 units, while The Preserve at Dunedin, located in Clearwater in the Tampa Bay region, has 106 units.
Together, the communities provide a continuum of care ranging from independent living to assisted living and memory care. Both properties also feature lifestyle-oriented amenities intended to appeal to residents seeking services and resort-style surroundings.
Deal values and property details
The reported purchase price breaks down to approximately $60 million for Sonata Lake Mary and $31.1 million for The Preserve at Dunedin. That equates to roughly $310,900 and $293,400 per unit, respectively—well above Florida’s reported average senior housing transaction price of about $161,000 per unit in the second quarter of 2026.
Sonata Lake Mary opened in 2023 after being developed as a roughly $62 million community. The Preserve at Dunedin, at 2010 Greenbriar Boulevard, includes a three-story main building completed in 2012. The Dunedin property previously changed hands for $23.01 million in 2021, making its latest sale price approximately 35% higher.
Operator remains in place
AgeWell Senior Living will continue operating both communities under the new ownership. Retaining the existing operator may help preserve continuity for residents and families while Morgan Stanley assumes ownership.
AgeWell adopted its current name in 2026 after previously operating as AgeWell Solvere Living. The company also took over management operations associated with Sonata Senior Living in late 2023, linking it to the Lake Mary community’s operating history.
Institutional capital targets limited supply
The purchases add to Morgan Stanley Real Estate Investing’s senior housing activity, which began in 2022 and now includes ownership interests in 13 senior living communities across the United States.
The strategy comes as demand for senior housing grows faster than new supply in many markets. Industry research has pointed to a substantial national supply gap, declining construction starts since 2021 and occupancy rates above 90%. The aging Baby Boomer population is expected to intensify demand, particularly for communities that can serve residents through multiple care stages.
For Central Florida, the acquisitions underscore the appeal of established, high-end properties in a region where demographic growth and constrained development are supporting investor interest.
- Morgan Stanley Acquires 300-Unit AgeWell Portfolio in Florida, Seniors Housing Business.
- Morgan Stanley Buys Lake Mary, Clearwater Senior Housing, Hoodline.