Health Care Property Investors Inc., a Costa Mesa real estate investment trust, said Tuesday that a partnership it recently formed with a Salem, Ore., firm has acquired eight long-term health-care facilities for $17.85 million from Golden Age Convalescent Homes in Cerritos.
The partnership, Health Care Investors III, immediately leased the facilities, all in Los Angeles County, to the other general partner, DRB Holdings Inc.
The acquisition brings HCPI's real estate portfolio, directly or through partnerships, to 55 properties with 6,257 beds. DRB owns 32 facilities with 2,600 beds.
HCPI, which invests directly or through joint ventures in health-care facilities, and DRB, a health-care provider, each own 50% of the Health Care Investors III partnership.