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                                                                    EXHIBIT 23.8


PERSONAL AND CONFIDENTIAL

September 28, 1999

Board of Directors
American Health Properties, Inc.
6400 S. Fiddler's Green Circle
Suite 1800
Englewood, CO  80111

         Re:      Registration Statement of Health Care Property Investors, Inc.
                  relating to its Common Stock being registered in connection
                  with the merger described below

Gentlemen:

Reference is made to our opinion letter dated August 4, 1999 regarding our
opinion as to the fairness from a financial point of view to the holders of the
outstanding shares of Common Stock, par value $.01 per share (the "AHP Common
Stock"), of American Health Properties, Inc. ("AHP") of the exchange ratio of
0.78 shares of Common Stock, par value $1.00 per share, of Health Care Property
Investors, Inc. ("HCPI") to be received for each share of AHP Common Stock (the
"Exchange Ratio") pursuant to the Agreement and Plan of Merger, dated as of
August 4, 1999, between HCPI and AHP (the "Agreement").

The foregoing opinion letter is provided for the information and assistance of
the Board of Directors of American Health Properties, Inc. in connection with
its consideration of the transaction contemplated therein and is not to be used,
circulated, quoted or otherwise referred to for any other purpose, nor is it to
be filed with, included in or referred to in whole or in part in any
registration statement, proxy statement or any other document, except in
accordance with our prior written consent. We understand that the Company has
determined to include our opinion in the above-referenced Registration
Statement.

In that regard, we hereby consent to the reference to the opinion of our Firm
under the captions "Risk Factors"; "The Merger - Background of the Merger"; "The
Merger - AHP's Reasons for the Merger"; "Opinion of Financial Advisor to AHP"
and to the inclusion of the foregoing opinion in the Joint Proxy
Statement/Prospectus included in the above-mentioned Registration Statement of
HCPI. In giving such consent, we do not thereby admit that we come within the
category of persons whose consent is required under Section 7 of the Securities
Act of 1933 or the rules and regulations of the Securities and Exchange
Commission thereunder.


Very truly yours,

/s/ GOLDMAN SACHS & CO.