A new agreement announced Wednesday gives real estate investment trust Healthpeak Properties the option to acquire up to 24 of Oakmont Senior Living’s housing development properties when Oakmont elects to sell them.

The properties, Healthpeak said, are concentrated in California and are worth an estimated $1.3 billion.

The acquisition options are expected to be offered in tranches between 2020 and 2023, including communities worth approximately $200 million in the first half of next year. Once offered, Healthpeak will have the option to acquire each applicable tranche based on a pre-determined pricing formula. At the closing of each acquisition, the REIT would enter into what it described as a “highly incentivized” management contract with Oakmont Management Group.

Oakmont currently has 33 communities in California and Nevada, with 11 more slated to open in California in 2020, according to its website. On Wednesday, the company announced the opening of a marketing information center for Oakmont of Novato, an assisted living and memory care community in Novato, CA, set to open in spring 2020.

Also on Wednesday, Healthpeak announced that it will begin construction on a $164 million life science development and redevelopment project, The Boardwalk, in San Diego, and that Healthpeak and HCA have entered into an agreement on an additional development project, a $46 million, 172,000-square-foot Class A medical office building in Nashville, TN. The project is 45% pre-leased, and construction is expected to begin in mid-2020, the REIT said, adding that additional announcements related to HCA are expected in 2020.

All of the transactions will be funded primarily through the REIT’s recent forward equity offering and senior housing joint venture proceeds, Healthpeak CEO Tom Herzog said in a statement.

“Our portfolio repositioning included $4.5 billion of non-core senior housing sales over the last few years in order to achieve our desired portfolio quality and mix,” he said. “We are now able to focus on investing accretively in new, high-quality properties across all three of our core asset classes.”