Blackstone has sold another senior living facility in South Florida at a significant loss. The Atrium at Boca Raton, a 160-bed property located at 1080 Northwest 15th Street, was acquired by BH Group and Gold Standard of Care for $12.2 million. This sale price is about $10 million less than what Blackstone paid for the facility in 2017, when it purchased the property as part of a larger $155 million deal involving several senior living facilities in the region.
The equity capital for this purchase was provided by Gold Standard of Care’s family office. Blackstone, based in New York and led by Stephen Schwarzman, is currently selling off its national portfolio of senior living properties after experiencing substantial losses.
BH Group, headquartered in Aventura and led by Isaac and Liat Toledano, partnered with Fort Lauderdale-based Gold Standard of Care to acquire Blackstone’s assets in South Florida. Their joint acquisitions now include a total of 330 units across two locations: Aventura and Boca Raton.
Gold Standard of Care will operate these facilities together with Colonial Assisted Living from Miami Gardens, which is headed by Ricki Kaneti.
Earlier this month, BH Group and Gold Standard of Care also bought Sterling Aventura at 2777 Northeast 183rd Street for $12 million—a notable discount from Blackstone’s original purchase price of $48.9 million in 2017. Sterling Aventura sits on a 1.8-acre site and consists of an eight-story building with 171 units completed in 2001.
Isaac Toledano explained the partnership’s strategy: “As we expand throughout South Florida, we focus on opportunities that offer long-term stability,” he said. “Senior housing is a niche we know well, and both properties check all the boxes: solid fundamentals, a prime location and sustained demand.”
Both Sterling Aventura and Atrium at Boca Raton will be rebranded as AHAVA Senior Residences at Aventura and AHAVA Senior Residences Boca. According to the release, modernization and improvements are planned for both facilities—an area where Gold Standard of Care specializes.
