Pegasus Senior Living Adds 10 Communities, Surpassing 50-community Mark

Pegasus Senior Living has grown to over 50 communities thanks to a new agreement to manage 10 former Brookdale Senior Living (NYSE: BKD) properties in Texas.

Effective April 1, Pegasus will assume management of the 10 properties located in Houston, Dallas-Fort Worth, and the Austin-San Marcos corridor known as the Texas Triangle.

With the portfolio growth, Pegasus now manages 56 senior living properties, a little less than half of which are located in the Lone Star State. Pegasus CEO Chris Hollister said they represent turnaround and value-add opportunities for the Grapevine, Texas-based senior living operator.

Healthpeak Properties (NYSE: DOC) is the owner of the communities, and the management deal represents a new ownership relationship for Pegasus, Hollister said.

Hollister told Senior Housing News Wednesday the recent growth “aligns perfectly” with the company’s plans “to grow in the Texas Triangle.”

The new management agreement was done to help Pegasus become “a well-regarded regional brand” spanning the full continuum of care, Hollister said.

The 10 communities fit well into the company’s existing Texas footprint, Hollister said. In terms of integration, Pegasus staff have “already met a lot of great people” working in the new Pegasus communities. He noted that listening, supporting and prioritizing the customer experience would be the first priorities in integrating the new properties under the Pegasus banner.

“As senior living demand grows, we believe families will focus more on quality operators that offer a range of services in a market,” Hollister told SHN. “This is a very complementary opportunity for us that will enhance these new communities as well as our existing communities.”

Pegasus now has institutional capital relationships with Welltower (NYSE: WELL), LTC Properties (NYSE: LTC), and Healthpeak following Tuesday’s announcement.

Pegasus has undertaken new growth initiatives in recent years. In 2024, Pegasus took over management of eight communities from LifeWell Senior Living. Last year, the company named co-presidents and also recently overhauled its memory care program to meet current demand through a new evidence-based model.

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