Bellevue-Based Aegis Living Buys 10 Senior Care Facilities for $350M
Based in Bellevue, local company Aegis Living provides senior housing and memory care to the region’s elderly population. With 32 properties spread across the West Coast, including locations in Washington, Oregon, California and Nevada, the privately-held company is planning for the continued expansion of its operations as the Baby Boomer generation continues to age.
In their largest joint-venture deal to date with Blue Moon Capital Investments, Aegis Living announced this month that it has acquired ownership of 10 of its 32 properties for $350 million. This acquisition encompasses a total of 702 units in Washington, Oregon and Nevada, including one in Kirkland and two in Shoreline.
Of the numerous facilities the company operates, it currently owns 70% of them. According to Aegis Living President Kris Engskov, the company is striving to become owner-operators of all of their facilities. Additionally, Aegis currently has eight properties under lease, which Engskov expressed they would like to buy or alternatively develop their own communities in those same markets.
The company has a goal to double in size by 2030. To support this endeavor, Aegis Living is also currently developing eight communities, including Aegis Living Bellevue Overlake, which will open in spring 2021, and Aegis Living Kirkland Waterfront, opening summer 2021.
While the pandemic has thrown much of the status quo into question, one thing that hasn’t changed is the growing need for safe and reliable senior care. With the elderly portion of the population continuing to increase, Aegis Living sees a need to prioritize its care services for those who need them. The pandemic has also underscored the importance of flexible and adaptable healthcare options for seniors, such as video calls and telehealth.
Throughout it all, Aegis Living remains people-oriented, even as it plans for the expansion of its operations and the development of its own properties. As reliable care for seniors is something everyone relies on at some point, the expansion of accessible senior care facilities may ultimately bring some peace of mind.