News
Raleigh, N.C. (October 17, 2024) – Foundry Commercial (“Foundry”), a full-service real estate services and investment firm, is pleased to announce the sale of 10 assisted living and memory care communities in North Carolina, totaling 522 units to National Health Investors (“NHI”), a Tennessee-based real estate investment trust (REIT) specializing in seniors housing and medical investments.
The Spring Arbor Senior Living communities, which combine personal services with enriching life activities, will continue to be operated by Spring Arbor Management under a long-term lease, ensuring no disruption for residents and staff. In total, Spring Arbor operates 37 assisted living and memory care communities across 10 states in the Mid-Atlantic, Southeast, and Midwest. This acquisition represents NHI’s largest investment since 2020.
The transaction offers several significant benefits for Spring Arbor, ensuring the continuation of its legacy in North Carolina for years to come. By partnering with a best-in-class real estate owner, Spring Arbor positions itself for sustained regional growth while also creating promising opportunities for its valued team members. Additionally, the deal provides Spring Arbor the ability to diversify its capital sources and successfully recapitalize its existing equity partner, further strengthening its financial foundation and track record of performance.
Foundry Commercial, in partnership with an investment fund managed by Morgan Stanley Real Estate Investing, originally acquired 24 Spring Arbor Senior Living properties in May 2022. Since then, Spring Arbor Senior Living has built on its legacy of providing quality care in a warm, inviting environment where residents feel at home.
Kevin Maddron, Foundry’s President of Healthcare Services, stated, “This transaction with NHI allows Spring Arbor to partner with an industry-leading provider of real estate capital. Known for having an operator-centric approach, NHI recognized our long-standing commitment to the region and the quality care we provide residents every day. Consistent with our mission to inspire growth within our company, NHI allows us to align with a long-term, stable business partner. We are thrilled to have them as a strategic capital source for our continued growth.”
“With nearly all the baby boomer generation reaching age 70 or older in the next decade, demand for quality senior housing should continue to grow dramatically,” said Will Milam, Head of US Investments at Morgan Stanley Real Estate Investing. “We believe NHI’s senior housing expertise will support Spring Arbor’s focus on delivering exceptional care to meet this demand.”
To learn more about Foundry Commercial’s senior living services and portfolio, visit www.foundrycommercial.com/asset_types/healthcare-platform/. More information about Spring Arbor Senior Living can be found at springarborliving.com.
About Foundry Commercial:
Foundry Commercial is a full-service commercial real estate services and investment company operating across the office, industrial, retail, multi-family, healthcare, religious, and not-for- profit asset classes and clients. Focused on the Sun Belt markets, Foundry is sustained by 2,900 associates operating from 12 markets, providing leasing and management on more than 68 million square feet and over 3,000 seniors housing units, typically executing over $2 billion in leasing, tenant rep, and investment sale transactions annually. Foundry’s development and investment platform is fully integrated with its services business and is currently invested in over $4.3 billion in joint ventures with many of the best-known institutional investors in the country. For more information, visit www.foundrycommercial.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 $52 billion of gross real estate assets worldwide on behalf of its clients.