Health Care Property Investors Inc., a Costa Mesa-based real estate investment trust, said it entered into a joint venture with Colson & Colson Construction Co. of Salem, Ore.,, to develop a $6 million congregate living center in a suburb of New Orleans.
Construction of the 111 unit center is scheduled to begin immediately with completion projected by early 1988. The facility will be operated by Holiday Retirement Corp., an affiliate of Colson & Colson Construction Co.
Kenneth B. Roath, president of Health Care Property Investors, said the 50% interest in the joint venture represents "the company's first involvement in the development of a congregate living center."
He said that while HCPI's plans include the development of additional centers, the company does not intend to "become heavily involved in development activity."
Colson entities operate 32 facilities nationwide with approximately 3,000 units. HCPI is an equity-oriented real estate investment trust that invests directly or through joint ventures in health-care related facilities.