HCP Inc. is planning to sell a 22-property senior housing portfolio to Apollo Global Management, Bloomberg reports, citing an anonymous source. The purchase price will be $428M.

The sale had already been announced by HCP earlier this month, but not the buyer. Apollo has about $247B of assets under management, $8B of which is real estate.

Altogether, the properties to be sold to Apollo total 2,781 units and are being managed by Brookdale Senior Living.

HCP, a healthcare REIT, has been selling senior housing assets as of late in an effort to improve its balance sheet, as well as have fewer properties managed by the same company, namely Brookdale, Nasdaq reports.

This isn't the first HCP disposition of properties managed by Brookdale. Last year, for instance, the company sold its remaining investment in the RIDEA II senior housing JV to an investor group led by Columbia Pacific Advisors. The RIDEA II JV owned 49 communities, of which 46 were managed by Brookdale; 2,781 units traded hands in the deal.

In late 2016, the company sold 64 properties to a JV of Blackstone Real Estate Partners and Brookdale, all of which were properties that Brookdale managed.

The sale will also help HCP balance its property types. The firm's assets range from senior housing to life science and medical office.

"The vast majority of dispositions transactions are now closed or under contract, resulting in a senior housing portfolio with improved operator diversification and stronger demographics," HCP CEO Tom Herzog said in a statement. "Additionally, the proceeds generated from these sales will further strengthen our balance sheet."