Blue Moon Capital Partners LP has formed a joint venture with Aegis Living and acquired three properties in Bellevue and Kirkland, Washington, and Aptos, California. No financial terms were disclosed. The portfolio consists of assisted living and memory care apartments.
BOSTON and SEATTLE, Dec. 14, 2018 /PRNewswire/ — Blue Moon Capital Partners LP (“Blue Moon”), a leading senior housing private equity investor, announced today that it has formed an acquisition joint venture with Aegis Living and acquired three Class A properties in Bellevue and Kirkland, Washington, and Aptos, California. Located in high barrier to entry markets with strong senior and adult child demographic growth, the 253-unit portfolio consists of assisted living and memory care apartments. Offering compassionate care and a distinctive approach to senior living, Aegis Living has established each of its communities as the preferred senior living community in their respective markets.
Of this Aegis joint venture, Blue Moon Co-founder and Managing Partner, Kathryn Sweeney, stated: “We are proud to have been selected by Aegis Living as their first institutional investor relationship. I have known Dwayne Clark professionally for several decades and have watched him grow an impressive company and culture. We are excited to move ahead with the capable Aegis Living team on these high-performing communities and hope to expand on our partnership going forward.”
Founded by Dwayne Clark in 1997, Aegis Living is a leading senior living, owner, developer and operator focused on the West Coast. It’s unique ’employee first’ company culture is built around a core philosophy that happy, engaged employees will better serve community residents. This commitment to employee job satisfaction and personal growth resulted in Aegis Living’s ranking as a top 50 company on Glassdoor’s 2017 “Best Places to Work” list, based on a survey covering over 600,000 companies across a wide range of industries. Aegis Living is the first senior living operator to achieve this meaningful distinction.
This investment by Blue Moon was made on behalf of an institutional separate account client seeking stabilized, core senior living assets in proven markets. This acquisition marks the first by Aegis Living with an institutional investor.
“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, Aegis Living. “We have waited to partner with an elite organization like Blue Moon Capital that mirrors our standards of integrity and alignment to our mission. We are excited for this opportunity with Blue Moon to maintain together our commitment to serve seniors, their families and our employees.”
About Blue Moon Capital Partners
Headquartered in Boston, Massachusetts, Blue Moon focuses exclusively on the senior housing sector. Blue Moon’s team has a combined 60 years of experience in senior housing finance and operations. In December 2014 Blue Moon formed Blue Moon Senior Housing I LP (“BMSH I”), a $250 million value-add fund investing in senior housing acquisitions and development. Blue Moon Senior Housing II (“BMSH II”) is Blue Moon’s second value-add senior housing fund with a first closing targeted in first quarter 2019.
About Aegis Living
Aegis Living is a national leader in assisted living and memory care. The privately-held company founded in 1997 is headquartered in Bellevue, Washington, and operates 31 communities in Washington, California and Nevada. For more information, visit www.Aegisliving.com. Follow the company on Twitter @Aegisliving and Facebook at www.facebook.com/AegisLiving.