Blackstone has sold the Sterling Aventura senior living facility in Aventura at a significant loss, with the sale price dropping $36.5 million below its previous purchase amount. The property, located at 2777 Northeast 183rd Street, was acquired by BH Group and Gold Standard of Care for $12 million, according to a source familiar with the transaction. Financing for the acquisition was provided by New Wave Loans.
The new owners paid roughly 75 percent less than what Blackstone paid eight years ago. In 2017, Blackstone bought Sterling Aventura as part of a larger portfolio deal totaling $154.7 million, which included three other assisted living facilities in Boca Raton, Jupiter, and Hollywood.
Sterling Aventura is an eight-story building with 171 units on a 1.8-acre site and was completed in 2001. The sale comes amid a broader national trend where Blackstone has been selling off senior living facilities across the country, leading to losses exceeding $600 million on properties totaling about 9,000 units, as reported by The Wall Street Journal.
Earlier this year, Blackstone entered into a loan modification agreement with Wilmington Trust for a $35 million loan originally taken out on the property in 2017.
In September, Blackstone also made headlines for purchasing the East Miami hotel in Brickell for nearly $300 million.
Gold Standard of Care manages more than $150 million in real estate assets that include over 1,100 senior living units across two million square feet.
BH Group remains active in South Florida’s real estate market. Recently, Fort Lauderdale approved plans from BH Group and partners to redevelop The Quay at 17th Street into a multifamily project under Florida’s Live Local Act. The planned development will feature a 33-story tower with 521 apartments—217 of which are designated for affordable and workforce housing—as well as commercial space and parking.
