Brightview Joins Forces with Morgan Stanley in Major Acquisition
Deal News | Dec 18, 2024 | Morgan Stanley (MSCP)
Morgan Stanley Investment Management, through Morgan Stanley Real Estate Investing (MSREI), has acquired a portfolio of eight senior housing communities developed by Brightview Senior Living. The portfolio, comprising 1,186 units, was purchased from Harrison Street and spans several metropolitan areas, including Baltimore, Philadelphia, Providence, and Boston. Brightview will continue to manage these communities. Morgan Stanley's investment comes amidst growing demand for senior living facilities driven by aging demographics. MSREI's strategic move to acquire these assets aligns with its broader investment interest in senior housing, a sector that has seen significant activity since the COVID-19 pandemic. JLL Capital Markets was involved in advising the sellers and arranged financing via Freddie Mac for the transaction.
Sectors
- Real Estate Investment
- Senior Living
- Investment Management
Geography
- United States – The acquired senior living sites are located in several metropolitan areas in the U.S., and the companies involved are primarily based or operate extensively in the United States.
Industry
- Real Estate Investment – The acquisition involves investment in real estate assets through Morgan Stanley Real Estate Investing's acquisition of senior housing communities.
- Senior Living – The target of the acquisition is a portfolio of senior living communities, indicating focus on the senior living industry.
- Investment Management – Morgan Stanley Investment Management and its affiliates manage the investments, showcasing their involvement in asset management and investment strategies.
Financials
- Approximately $56 billion – The assets under management by Harrison Street.
- $53 billion – Gross real estate assets managed by MSREI worldwide.
- $1.6 trillion – Assets under management or supervision by Morgan Stanley Investment Management.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Brightview Senior Living | Target and Operator | Company | A developer and operator of senior living communities involved in the transaction as the operator post-acquisition. |
| Morgan Stanley Real Estate Investing (MSREI) | Acquirer | Company | A subsidiary of Morgan Stanley responsible for acquiring the portfolio of senior living communities. |
| Harrison Street | Seller | Company | An investment management firm specializing in alternative real assets, acted as the seller in the transaction. |
| JLL Capital Markets | Advisor | Company | Advised the sellers on the transaction and secured acquisition financing. |
| Freddie Mac | Financier | Company | Provided acquisition financing for Morgan Stanley Real Estate Investing. |