In its latest push toward expansion, Bellevue-based senior living operator Aegis Living will buy 10 more facilities as part of a $350 million joint venture.
The deal with Boston-based investment firm Blue Moon Capital Partners includes two facilities in Shoreline and one in Kirkland, along with properties in California and Nevada. Aegis already leases and operates the facilities and will buy them from the investment trust Healthpeak. Aegis said the purchase is the largest in its 24-year history.
Senior living facilities have been hard-hit by COVID-19, with the virus spreading among residents and staff from the earliest days of the pandemic, highlighting the risks of congregate housing.
Still, senior housing providers are expecting a boom of aging adults in coming years. “The demographics haven’t slowed down,” said Aegis President Kris Engskov.
Residents and workers in senior living facilities have begun getting vaccines. About a third of residents and staff at Aegis locations in Washington will have received the first dose of the vaccine by the end of this week, Engskov said.
Aegis has undertaken a significant expansion in recent years, building new facilities like one on Mercer Island marketed as a “resort-like getaway.” Eight new communities are currently under development, according to the company. Dwayne Clark, the company’s CEO, told the Seattle Times in 2019 his goal was to make the Seattle area “a retirement mecca for seniors.”
Aegis runs 32 senior living communities in Washington, California and Nevada. Blue Moon has invested in two other Aegis facilities in Bellevue and Kirkland, said managing partner Susan Barlow.
Three new Aegis facilities are expected to open this year in Overlake, Kirkland and Seattle.
This story has been updated to correct the number of Aegis residents and staff in Washington who have received a coronavirus vaccination.