Investment funds managed by Morgan Stanley Investment Management have collectively acquired a three-community portfolio from private equity group Kayne Anderson for $305 million.
Morgan Stanley Real Estate Investing (MSREI) manages the investment fund, and the portfolio comprises 463 units in three communities near Denver. MorningStar Senior Living will remain the manager of the properties after the sale to the funds controlled by MSREI.
“We are pleased to acquire this high-quality portfolio of senior housing communities, which has demonstrated strong historical performance. As people age, their real estate needs evolve, and as the first baby boomers are turning 80 this year, demand for senior housing is rising rapidly. We expect this sector to grow nearly 5 percent annually during the next five years as this population cohort expands,” says Will Milam, head of U.S. investments at Morgan Stanley Real Estate Investing.
“MorningStar is proud to begin our new
