A Morgan Stanley fund has paid $91.1 million for two Central Florida senior housing communities, acquiring 299 independent living, assisted living and memory care units across the Orlando and Tampa metro areas. The deal covers Sonata Lake Mary, a 193-unit community in Lake Mary, and The Preserve at Dunedin, a 106-unit community located in Clearwater. Both properties will keep their current operator, even as new owners take the reins.
Morgan Stanley Investment Management acquired the Class A portfolio through funds managed by Morgan Stanley Real Estate Investing, according to Connect CRE. Sonata Lake Mary sold for roughly $60 million, per commercial search records cited by the outlet, with AgeWell listed as the seller. The Preserve at Dunedin, meanwhile, sold for $31.1 million, with Berkshire Residential Investments named as seller in that same reporting. Public land records show no acquisition debt or mortgage financing was recorded for either transaction, according to Multi-Housing News.
The price tags reflect just how far above market these two properties sit. Florida's average senior housing transaction price hit approximately $161,000 per unit in the second quarter of 2026, per the same Multi-Housing News report, while Sonata Lake Mary and The Preserve at Dunedin sold at roughly $310,900 and $293,400 per unit, respectively — nearly double the statewide benchmark.
A Resort-Style Asset Near Orlando's Medical Corridor
Sonata Lake Mary was originally developed as a $62 million resort-style senior living community through a joint venture between Sonata Senior Living and Berkshire Residential Investments, breaking ground in March 2021 before opening in 2023, according to Winter Park Construction records. The community is in Lake Mary.
The Preserve at Dunedin, located at 2010 Greenbriar Boulevard in Clearwater despite its name, features two structures on site, including a three-story main building completed in 2012 that spans 88,554 heated square feet, the report notes. The property previously sold in 2021 for $23.01 million when Berkshire purchased it from Solera Senior Living and Elkco Properties, meaning its $31.1 million price tag in this latest deal reflects roughly 35% appreciation over five years, according to the St Pete Catalyst.
Same Operator Stays On Under a New Name
AgeWell Senior Living will continue managing both communities going forward. The company formally simplified its brand from AgeWell Solvere Living to AgeWell Senior Living in March 2026, following a January 2023 merger with Solvere Living and its November 2023 assumption of Sonata Senior Living's management operations, according to AgeWell Senior Living's own announcement. Morgan Stanley Real Estate Investing funds have invested in seniors housing since 2022 and now maintain ownership interests in 13 senior living communities across the United States, per Connect CRE's reporting.
Institutional Capital Chases a Shrinking Supply
The scale behind this deal is considerable. Morgan Stanley Real Estate Investing manages approximately $58 billion in gross real estate assets globally across value-add, opportunistic, core, and core-plus strategies, while parent division Morgan Stanley Investment Management oversaw more than $2 trillion in total assets as of June 30, 2026, according to Pulse 2.0.
That firepower is chasing an increasingly tight market. A NIC MAP study identified a $1 trillion supply-demand shortfall in U.S. senior housing, noting that national construction starts have fallen roughly 67% since 2021 even as occupancy exceeds 90% and the first wave of Baby Boomers reaches age 80 this year, according to Connect CRE's separate coverage of that research. With fewer new communities being built, these two stabilized, high-end properties stand out in the market.
For Central Florida families weighing care options, the deal arrives amid strong demand and limited construction. This transaction involves institutional money flowing into Florida's senior housing sector.
