Morgan Stanley's Ted Pick Acquires 299 Senior Housing Units In Florida For $91.1 Million

The transaction involves the acquisition of 299 senior housing units located at 410 Caring Drive in Lake Mary and 2010 Greenbriar Boulevard in Clearwater, Florida. The properties, known as Sonata Lake Mary and The Preserve at Dunedin, were purchased for a total of $91.1 million, which equates to approximately $304,682 per unit. The sale includes properties trading above the Florida second-quarter average of about $161,000 per unit, at roughly $311,000 and $293,000 per unit, respectively.

Summary of transaction details:

• Property Type: Senior Housing
• Transaction Amount: $91,100,000
• Buyer: Ted Pick - Morgan Stanley
• Seller: AgeWell & Berkshire Residential Investments
• Units: 299
• Market: Lake Mary & Clearwater, FL

In this transaction, Ted Pick represents Morgan Stanley Investment Management, which facilitated the acquisition of both senior housing properties. AgeWell is set to continue its management of the properties post-sale, ensuring operational continuity for Sonata Lake Mary and The Preserve at Dunedin.