CommunityNews

Four Keiro Facilities Set to Be Sold for $41 Million to Pacifica Companies

By October 6, 2015 No Comments

By P.C. Staff

LOS ANGELES — Four Keiro facilities — Keiro Retirement Home and Keiro Intermediate Care Facility in Boyle Heights, Keiro Nursing Home in Lincoln Heights and South Bay Keiro Nursing Home in Gardena — are set to be sold to Pacifica Companies for $41 million; escrow is set to close early next year.

Last week, Keiro and Pacific formally agreed upon conditions approved by the Attorney General. Conditions of the sale require Pacifica to operate the facilities for the next five years in the way Keiro has provided, including its handling of policies and insurance, resident care, Japanese cultural services and number of beds.

Keiro Senior HealthCare will continue to operate as a nonprofit organization. Representatives of the organization say it will use the net profit of the sale, about $37 million, to expand its program to educate the Japanese American community about aging.

Pacifica Companies is a for-profit real estate company based in San Diego. It owns hotels and housing in the U.S., Mexico and India, as well as operates 55 senior facilities in 14 states.