By Jack Stubbs
On Wednesday, December 12th, Blue Moon Capital Partners, private real estate investment firm based in Boston that partners with senior housing operating companies, acquired two senior living facilities in the Puget Sound region for a combined $27.4 million from the Bellevue-based company Aegis Living, a provider of assisted living and memory care facilities. The property in Bellevue sold for $17.34 million, or approximately $201,627 per unit, and the property in Kirkland sold for $10.07 million, or roughly $117,093 per unit, King County records show. The two transactions were recorded on December 14th.
Aegis Bellevue, located at 148 102nd Ave. SE, is a four-story assisted living facility that contains 86 units, according to public documents. Built in 2010, the property sits on approximately 1.5 acres. The facility offers a variety of room sizes including large studios, one-bedroom and small studios, according to Aegis Living’s web site. Aegis Bellevue is described as a “custom-built Northwest contemporary style, luxury assisted living community with upscale amenities in a friendly neighborhood.” The web site also highlights the property’s location proximate to Main Street and the Bellevue Collection shopping center in Bellevue.
The Bellevue Collection project has been in the news in recent weeks. On November 29th, Bellevue-based Kemper Development Company acquired a one-acre property on the northeast corner of Bellevue Square—at the site of the company’s planned expansion of the Bellevue Square Shopping complex—for $17.5 million from Kirkland-based Ditty Properties. The multi-phase, 1.2 billion Bellevue Collection project—which consists of Bellevue Square, Bellevue Place and Lincoln Square— is set to expand its overall footprint by 41 acres. The in-the-works, 500,000 square foot Bellevue Square Expansion project will ultimately include 175,000 square feet of luxury retail space, a 140-room hotel, a 250-unit high-rise tower, and 1,500 parking spaces.
The second property that Blue Moon Capital Partners acquired along with Aegis Bellevue was
Aegis Lodge At Totem Lake—located at 12629 116th Ave. NE in Kirkland—which is a three-story, 86-unit retirement facility built in 2000, according to public documents. The property also includes a stone fireplace, dining rooms with panoramic views and a “quintessential Northwest style,” according to Aegis Living’s web site. Located in the North Juanita neighborhood of Kirkland, the property across from the Village at Totem Lake, a redevelopment of Totem Lake Mall that is set to transform downtown Kirkland.
Fairfield Residential is developing Village at Totem Lake, a mixed-use lifestyle center that will ultimately include 400,000 square feet of retail space, a 35,000 square foot movie theater and 850 luxury rental units. The mixed-use development is scheduled to open in late 2019 or early 2020, according to the web site for the property.
Blue Moon Capital Partners (BMCP) looks to build a high-performing business around a team of interdisciplinary senior housing specialists for the benefit of all of the company’s stakeholders including employees, partners and residents, according to the company’s web site. BMCP’s business strategy is to match institutional capital with best-in-class, forward-thinking senior housing operating companies who are gearing up to meet the dramatic growth in demand expected over the next decade.
Founded in 1997, Aegis Living is a leader in providing assisted living and memory care facilities and offers a variety of different lifestyle options for its residents, according to the company’s web site. Some of the company’s other assisted living facilities in the Puget Sound region include Aegis of Lynnwood, Aegis at Ravenna in Seattle and Aegis of West Seattle. Aegis Living also has several other communities in the works set to open over the next couple of years, including Aegis of Mercer Island, Aegis and Lake Union and Aegis at Greenwood in Seattle.