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NEW YORK — February 17, 2026
Morgan Stanley Investment Management, through funds managed by Morgan Stanley Real Estate Investing (MSREI), and Foundry Commercial (Foundry) announced today the sale of the final 11 communities in the Spring Arbor Senior Living collection located in Maryland and Virginia to an S&P 500 company focused on senior housing for $296 million.
“We are proud to have been part of the Spring Arbor Senior Living Collection and of the partnership with Foundry to strengthen operations, improve performance and deliver high-quality care to our residents over the last four years,” said Will Millam, Head of Morgan Stanley Real Estate Investing U.S. “This investment highlights MSREI’s ability to identify opportunities during periods of market dislocation, partner with best-in-class operators and create value through disciplined operational execution.”
MSREI initially acquired the Spring Arbor Senior Living collection of 25 communities located across Maryland, Virgina and North Carolina in partnership with Foundry Commercial between 2022 and 2023. This sale marks the full exit of the investment. The 11-community portfolio of 795 assisted living and memory care units surpassed a 90% occupancy rate in recent years and is well positioned for continued growth based on strong local-market fundaments.
“We appreciate MSREI’s partnership and working with them to provide quality care to our residents in a warm and inviting environment,” said Kevin Maddron, President of Healthcare Services for Foundry. “Furthermore, we look forward to building upon the reputation of these communities and the care our associates deliver with the new owner.”
Funds managed by MSREI have been actively investing in senior housing since 2022 and today have an ownership interest in approximately 11 senior living communities across the United States with nearly 2,000 independent living, assisted living and memory care units.
JLL Capital Markets advised the sellers on the transaction.
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 $55 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 $1.9 trillion in assets under management or supervision as of December 31, 2025. 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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