The locally-based company has expanded into management contracts as part of the company's long-term growth strategy to further diversify its product offerings and continue its aggressive growth rate of more than 20 percent per year.
The company is focused on three core offerings: custom-built Aegis communities, acquisitions of other properties, and management contracts. Through management contracts, the Aegis management team will operate facilities for other companies that own assisted living buildings. Aegis recently secured its first management contract to operate Heritage House Kirkland LLC's Kirkland, WA community, Heritage Lodge.
"Today more than ever before, assisted living companies must offer a higher standard of services, as well as state-of-the-art facilities, in order to meet the needs of discerning seniors and their families," says Dwayne Clark, co-founder and CEO of Aegis Assisted Living.
Since its first year of operations in 1998, Aegis annual revenue has increased from $357,776 to more than $29 million in 2001. The company has an exceptionally low turnover rate of 22 percent, compared to the current industry average of 118 percent, and officials there say that has contributed significantly to the company's success.
The company owns and operates 15 communities with five under construction and two currently under development. Communities are located in the greater Seattle, Los Angeles, San Francisco, San Diego and Las Vegas metropolitan areas.
Assisted living is the fastest growing type of senior housing in the United States, with an estimated 15 to 20 percent annual growth rate over the last few years. Growth is attributed to several factors, including the desire of older persons to continue to live in their own communities and neighborhoods, and changes in traditional family structure. Approximately 1.3 million people reside in more than 25,000 assisted living communities across the country. By 2025, the number of residents in such communities is expected to nearly double.
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