Morgan Stanley Investment Management has acquired two Florida senior living communities operated by AgeWell Senior Living, adding 300 units across the Orlando and Tampa metropolitan areas. The portfolio includes independent living, assisted living and memory care, while AgeWell will remain in place to manage both properties.
Key takeaways
- Morgan Stanley acquired Sonata Lake Mary and the Preserve at Dunedin through funds managed by Morgan Stanley Real Estate Investing.
- The two communities comprise 300 independent living, assisted living and memory care units.
- AgeWell Senior Living will continue operating the properties.
- The transaction’s seller and financial terms were not disclosed.
The acquisition gives Morgan Stanley exposure to Florida’s growing senior housing market while retaining the existing operating platform and community branding. Both properties are positioned to serve residents with varying care needs within a broader senior living continuum.
Portfolio spans two major Florida markets
Sonata Lake Mary is located in the Orlando metropolitan area, while the Preserve at Dunedin is in the Tampa metropolitan area. Together, the communities provide a mix of residential and care services designed to accommodate seniors as their needs change over time.
The 300-unit portfolio includes three primary service categories:
- Independent living for residents seeking a maintenance-free lifestyle and community amenities.
- Assisted living for seniors who need support with daily activities.
- Memory care for residents requiring specialized cognitive support.
This combination allows the properties to address different stages of senior living within a single investment platform.
AgeWell will continue management
AgeWell Senior Living will continue to manage both communities on behalf of Morgan Stanley. Maintaining the current operator may help preserve operational continuity for residents and employees while the new ownership evaluates long-term investment and property improvement opportunities.
The arrangement also pairs Morgan Stanley’s institutional real estate capabilities with AgeWell’s existing knowledge of the communities and their local markets.
Investment reflects demographic demand
Will Milam, head of Morgan Stanley Real Estate Investing U.S., said the acquisition reflects a focus on high-quality senior housing supported by durable demand and long-term demographic trends. He also pointed to the communities’ modern design, range of care options and resort-style amenities.
Florida remains a prominent senior living market because of its large and growing older population. Demand for communities that combine lifestyle features with access to multiple levels of care is expected to remain an important consideration for investors and operators.
Financial terms remain undisclosed
The seller and purchase price were not disclosed. Morgan Stanley also did not announce specific plans for renovations, expansion or changes to the communities’ operations following the acquisition.
For now, the transaction marks a strategic addition to the firm’s seniors housing holdings and expands its presence in two significant Central Florida markets.
- Morgan Stanley Acquires 300-Unit AgeWell Portfolio in Florida, Seniors Housing Business.