After a disastrous outing 20 years ago, Apollo may see better opportunities this time around.

The rumors are swirling that private equity giant Apollo Global Management is putting its toe back in our market after a long absence. The rumor is that Apollo is buying 22 senior living communities from HCP, Inc. that are operated by Brookdale Senior Living.

HCP previously disclosed that it is under contract to sell the portfolio for $428 million, or about $154,000 per unit, but never disclosed the buyer. Either Apollo is getting a deal, or these are older properties not performing too well, based on the relatively low price point.

The last time we recall Apollo making a major investment in the sector was 20 years ago, when it recapitalized Living Centers of America and then bought SNF operator GranCare in a $1.8 billion transaction. At the annual NIC Conference that year, Apollo’s CEO Leon Black proudly described the “high quality” of the real estate assets he was buying.

Those of us snickering in the back of the room wondered if he had seen any of them, as they were certainly not top fight assets. He was clueless. He then bought Mariner Post-Acute in 1998, and the combined companies filed for Chapter 11 bankruptcy protection just three years later. Let’s hope he has better luck with this latest adventure, if they are the buyer.