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Aegis Living Launches Development Company, Will Draw on ‘Laboratory of Success’

Aegis Living is focused on its next stage of company growth, unveiling an affiliate development company known as Aegis Development LLC.

The new company will provide development consulting services to the senior housing industry, with Aegis Living Founder and CEO Dwayne Clark telling Senior Housing News he wants the company to be going after “six- and seven-figure” consulting contracts in the coming years.

“It’s about helping people develop the right properties,” Clark told SHN. “And developing the right pricing strategies and the right design.”

That confidence doesn’t come without reason, as Aegis has earned a reputation for its development prowess while creating a portfolio of 36 communities across California, Nevada and Washington. The company’s repertoire of architectural and design awards will serve as sort of a CV for the development affiliate, Clark noted. 

Earlier this year, Aegis Living opened Aegis Living Lake Union, the first AL and memory care community built to meet rigorous global green building standards for the Living Building Challenge Petal Certification through the International Living Future Institute. 

“Every one of our buildings has a specific theme, not because it’s cool, but because it plays into the psyche of the neighborhood,” Clark said.

Other examples include a community with an Italian theme, and one in Mercer Island, Washington, which was inspired by a ski lodge and includes a restored Chris Craft boat, a ski lift chair and a repurposed Winnebago motorhome.

With the company being uniquely positioned as an operator, Clark said the new development affiliate would highlight Aegis’ “laboratory of success,” referencing the company’s incremental growth through new development projects in recent years.

“So we can show you this proven model and what works and why it works,” Clark said. “The stimulus is really to have an integrated campaign with a separate development company.”

Beyond ‘first gear’

The new affiliate will harness the brainpower behind its staff and move beyond Aegis’ internal growth plans of one to three building projects at a given time.

Clark equated not founding the development affiliate to having a Ferrari supercar and “never taking it out of first gear.”

“We think there’s a bigger opportunity to rev this development department up and have a much more global perspective,” Clark said.

Aegis Development will be led by Aegis Living President Adam Clark, Senior Vice President of Development Brian Palmore and Vice President of Design Jeanna Korbas. Clark said staff would “flow” into the affiliate company to help on various project development aspects, such as revenue generation or clinical issues.

Services will range from in-depth market analysis and site selection to building development, design planning, general contracting and subcontractor oversight and guidance, plus other various consulting functions including sustainable development principles, financing and go-to-market strategies.

The new affiliate company will contract with organizations exploring senior housing assets ranging from IL, AL and memory care properties outside of Aegis Living’s core markets, and Aegis Living will not operate the communities it consults on, Clark noted.

“It’s under the umbrella of Aegis but it’s its own separate entity and will function that way in terms of revenue,” Clark said. “You can make a lot of money off of a building if you do it right.”

The affiliate will also handle future Aegis Living projects going forward, Clark confirmed.

Realizing a ‘vibrant’ industry

With the new development affiliate launch well underway, Aegis is positioning itself for a future not just as a senior housing operator, but as a company that helps propel the future of the industry based on the company’s proven management and development track record.

Aegis has a history of shaking up the industry and in earlier this year, the company launched its own staffing agency, Kalon Care, to combat chronic labor issues plaguing the wider industry. In an update, Clark said its in-house staffing agency recently hired its executive director and brought on “about a dozen people.” 

Clark said he would rather see a senior living industry that is “vibrant” rather than one over-run with misaligned growth opportunities and struggling operators.

“That affects us all, from valuations to financing, investor attitudes and the client’s ability to move in,” Clark said. “It’s my responsibility to be a steward of this industry.”

Going forward, Clark said Aegis Development would be “very judicious” about the contracts it takes on, with an emphasis on development in the U.S. but also an eye toward overseas development prospects in broader markets in Europe and Middle East.

While Clark did not highlight any specific early agreements for Aegis Development, a news release from the company regarding the launch noted it was in talks with “several prospective global developers” regarding future contracts.

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