Apollo Medical: Units acquire 50% ownership in LA hospital

Apollo Medical announced that two of its affiliates, Network Medical Management, or NMM, and Allied Pacific of California, or APC, have acquired a 50% ownership stake in the 128-bed French Hospital, the oldest hospital in Los Angeles, for $17M. ApolloMed partnered on the acquisition with AHMC Healthcare, which operates seven hospitals in Los Angeles County and Orange County. The total cost of the 2.5-acre, 90,000-square foot facility was $33M. The French Hospital was acquired from the non-profit Societe Francaise De Bienfaisance Mutuelle De Los Angeles. The hospital closed in November 2017 after its operators chose not to renew the lease with the French society because state law required the facility to complete nearly $100M of earthquake renovations. ApolloMed and AHMC plan to convert the facility into an integrated care center, complete with a 24-hour urgent care center, multispecialty clinics, imaging center, diagnostic lab, pharmacy, behavioral care center, infusion center and will also provide telemedicine services.

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