BELLEVUE, WA – Aegis Living, a leading provider of assisted living and memory maintenance, and Blue Moon Capital Partners LP, a noted senior equity private equity investor, announced a second joint venture to acquire 10 communities across India California, Washington and Nevada.
The largest deal in Aegis Living's 24-year history is more than $ 350 million Supporting the company's commitment to owning its communities and aiming to grow rapidly over the next 10 years. The portfolio with 702 residential units includes apartments for assisted living and memory maintenance, all in urban markets with high market entry barriers, an attractive population structure and limited supply. Aegis Living previously operated these communities under a lease agreement. As of today's announcement, Aegis owns more than 70% of its 32 parishes.
"At a time when many operators and traditional senior living investors are leaving the market, we lean on it," said Aegis Living President Kris Engskov. "The challenges of COVID-19 have made it clear how critical elderly care is and will become increasingly critical. We have learned a lot during the pandemic and look forward to putting many of those lessons into practice to make even more seniors safer and happier , more focused and engaged than ever as we continue to grow. "
The pandemic has disproportionately hit senior communities across the country. Amid the temporary downturn in the industry, Aegis Living has kept its 32 communities going and is well positioned to revive the emerging demand for quality options for seniors. Data from the Census Bureau Projects where one in five Americans will be of retirement age in less than 10 years; Not only will the demand for seniors increase naturally, but style and style will evolve based on each generation's expectations, including the impact of COVID-19.
"The future of the seniors industry has never been so strong and those with a robust presence of owners and operators will be best positioned to meet the growing demands for quality senior assisted living and memory maintenance," he said Dwayne Clark, Founder, CEO and Chairman of Aegis Living. "We're just starting our plans to double the size by 2030."
In 2018, Aegis Living and Blue Moon founded his first joint venture Agreement with an initial purchase of three separate high quality, high quality Class A communities.
In addition to acquiring these 10 communities, Aegis Living has eight more communities under development, several of which will open their doors in 2021: Aegis Living Bellevue Overlake (Spring 2021), Aegis Living Kirkland (Summer 2021) and Aegis Lake Union (Autumn / winter 2021).
"We are proud to expand our successful relationship with Aegis Living after our first joint venture with them two years ago," said Kathryn Sweeney, co-founder and managing partner at Blue Moon. "Dwayne Clark and the Aegis Living team continue to show that they are ready to innovate and stay one step ahead of our seniors. Their energy, passion and skill have overcame the COVID-19 challenges that emerged over the past year Benefit from residents, families, employees and investors. We look forward to working with Aegis and supporting their initiatives in the years to come. "