Global alternative investment manager Apollo Global Management is the previously unannounced buyer of 22 Brookdale Senior Living communities from real estate investment trust HCP for $428 million, Bloomberg reported Friday, citing “a person with knowledge of the matter.”

HCP first announced in November the plan to reduce the exposure to Brookdale in its portfolio. That plan included selling six communities to Brookdale and terminating management agreements or leases on 68 other properties, among other actions.

Earlier this month, the REIT announced that it had entered into an agreement to sell 22 of the 68 properties to “an institutional investor” but did not name the investor. HCP said the portfolio of Brookdale-managed properties consisted of 2,781 units and the sale price was $428 million. The transaction is expected to close in the third quarter.

According to its first-quarter 2018 earnings release, Apollo had $247 billion in assets under management as of March 31, in private equity, credit and real assets funds. Those funds are invested across a core group of nine industries, which, according to a filing with the Securities and Exchange Commission, are consumer and retail, consumer services, business services, leisure, financial services, chemicals, manufacturing and industrial, natural resources, and media and telecom and technology.

See the “Related Articles” below for additional information about HCP and Brookdale.