Aegis Living, Blue Moon Capital Forge Joint Venture Through 3-Property Deal

Aegis Living has struck a joint venture agreement with private equity firm Blue Moon Capital Partners, through a transaction involving three assisted living and memory care properties. This marks the first time that Aegis, founded in 1997 and privately held, has partnered with an institutional investor.

On behalf of an institutional separate account client seeking stabilized, core senior living assets, Boston-based Blue Moon acquired the three Class A Aegis properties, the firm announced Friday. The communities are in Aptos, California; Kirkland, Washington; and Bellevue, Washington, where Aegis Living is headquartered. Together, the recapitalized portfolio includes 253 units.

Blue Moon is not disclosing the acquisition price, co-founder and Managing Partner Kathryn Sweeney told Senior Housing News.

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Two of the acquired communities, in Aptos and Bellevue, were developed by Aegis, Sweeney said. The community in Kirkland had been purchased.

“We have worked diligently to be the superior management and top performers within our industry over the past 21 years, largely driven through our focus on exceptional care and enabling our residents to fully live their lives. As a result, we have long been approached about strategic partnerships,” said Dwayne J. Clark, founder and CEO of Aegis Living, in Friday’s press release. “We have waited to partner with an elite organization like Blue Moon Capital that mirrors our standards of integrity and alignment to our mission.”

Aegis operates 31 communities across Washington, California and Nevada. It touts an employee-centric culture and ranked as a top 50 to work for on Glassdoor’s 2017 “Best Places to Work List.” Last year, the company opened a new headquarters building that boasts a treehouse and float tank, among other amenities. It also has pursued unique development projects, including niche communities designed around elements of Chinese culture.

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Sweeney sees the potential for further expansion of the JV.

“I have known Dwayne Clark professionally for several decades and have watched him grow an impressive company and culture,” she stated in Friday’s announcement. “We are excited to move ahead with the capable Aegis team on these high-performing communities and hope to expand on our partnership going forward.”

Written by Tim Mullaney

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