Morgan Stanley Investment Management paid $31.1 million for a 106-unit senior living community at 2010 Greenbriar Blvd. in Clearwater. A deed recorded with the Pinellas County clerk's office Aug. 27 confirmed the sale.

The deal for The Preserve at Dunedin, which sits on 11.52 acres despite its name carrying a neighboring city's brand, closed July 27. Morgan Stanley registered the purchasing entity as NH ASL Dunedin Landlord LLC, St. Pete Catalyst reported.

Sale price tops what sellers paid for the property in 2021

The $31.1 million price is about $8 million more than the $23.01 million that sellers AgeWell Senior Living and Berkshire Residential Services paid for the property in 2021. AgeWell, a Florida-based senior housing operator, will stay on as manager under the new ownership.

Clearwater sale was half of a $91.1 million Florida portfolio deal

The Clearwater purchase was one half of a $91.1 million, two-property Florida deal. Morgan Stanley also acquired Sonata Lake Mary, a 193-unit community in Lake Mary, for $60 million, Multi-Housing News reported. No financing was recorded for either deal.

Per-unit price far exceeds state and national averages

At roughly $293,400 per unit, The Preserve traded well above Florida's second-quarter 2026 average of about $161,000 per unit for senior housing, according to a Colliers report cited by Multi-Housing News. The national average stood at approximately $203,000.

Will Milam, head of Morgan Stanley Real Estate Investing U.S., said the investment reflects the firm's focus on senior housing backed by demographic trends, according to Investing.com. David Mills, president and chief operating officer of AgeWell Senior Living, said the company will continue operating the communities under the new arrangement.

Property spans two buildings, one dating to 1955

The facility's main building, a three-story structure completed in 2012, holds all 106 units across 88,554 heated square feet. A smaller one-story building on the property dates to 1955. Floor plans range from studios to two-bedroom suites spanning 550 to 863 square feet.

Originally built as The Preserve at Clearwater, the community was purchased in 2021 by Berkshire Residential Services from Solera Senior Living and Elkco Properties, according to Multi-Housing News. AgeWell will continue day-to-day operations at the Clearwater facility under the new institutional owner.