Morgan Stanley Investment Management and MorningStar Senior Living (MorningStar) announced today that investment funds managed by Morgan Stanley Real Estate Investing (MSREI) have acquired a MorningStar senior housing portfolio from Kayne Anderson Real Estate for $305 million. The portfolio is comprised of 463 units across three communities near Denver. MorningStar, a leading senior housing operator based in Denver, will continue to operate the communities.

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Commenting on the acquisition, Will Milam, Head of U.S. Investments at Morgan Stanley Real Estate Investing, said: “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% annually over the next five years as this population cohort expands.”

“MorningStar is proud to begin our new partnership with Morgan Stanley Real Estate Investing, marked by their acquisition of three stand-out Colorado assets—an exciting start to a strong future together,” said Jamie Ranzan, President and CIO for MorningStar.

Funds managed by MSREI have been actively investing in senior housing since 2022 and today have an ownership interest in approximately 30 senior living communities across the United States with nearly 3,000 independent living, assisted living and memory care units.

About MorningStar Senior Living

An integrated developer, owner and operator of premier retirement communities, MorningStar’s portfolio encompasses 40 properties under operation or development representing 5,000+ units under management or in development in 11 states in the Midwest and Western United States. In our home state of Colorado we have 14 communities, employing over 1300 people. Offering independent living, assisted living and memory care, MorningStar is privileged to elevate life for those who taught the rest of us how to live. For more, visit morningstarseniorliving.com.

About Morgan Stanley Real Estate Investing

Morgan Stanley Real Estate Investing (MSREI) is the global private real estate investment management business of Morgan Stanley. One of the most active property investors in the world for over three decades, MSREI employs a patient, disciplined approach through global value-add / opportunistic and regional core / core-plus real estate investment strategies. With 17 offices throughout the U.S., Europe and Asia, regional teams of dedicated real estate professionals combine a unique global perspective with local presence and significant transaction execution expertise. MSREI currently manages $53 billion of gross real estate assets worldwide on behalf of its clients.

About Morgan Stanley Investment Management

Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 1,400 investment professionals around the world and $1.8 trillion in assets under management or supervision as of September 30, 2024. Morgan Stanley Investment Management strives to provide strong long-term investment performance, outstanding service, and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide. For further information about Morgan Stanley Investment Management, please visit www.morganstanley.com/im.

About Morgan Stanley

Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit www.morganstanley.com.

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