Blackstone has sold another senior living facility in South Florida at a significant loss. The Atrium at Boca Raton was acquired by a joint venture between BH Group and Gold Standard of Care for $12.2 million, which is about $10 million less than its previous sale price eight years ago.
According to the press release, Gold Standard of Care’s family office provided the equity capital for this transaction. Blackstone had purchased the 160-bed facility at 1080 Northwest 15th Street in Boca Raton for $22 million in 2017 as part of a larger acquisition totaling $155 million for several senior living properties across South Florida.
The New York-based investment firm, led by Stephen Schwarzman, is currently selling off a national portfolio of senior living assets that have generated considerable losses.
BH Group, based in Aventura and led by Isaac and Liat Toledano, joined with Fort Lauderdale-based Gold Standard of Care to acquire Blackstone’s senior living properties in the region. Their partnership now includes 330 units across two key markets: Aventura and Boca Raton.
Gold Standard of Care will operate these facilities through a partnership with Colonial Assisted Living from Miami Gardens, headed by Ricki Kaneti.
Earlier this month, BH Group and Gold Standard of Care also bought Sterling Aventura at 2777 Northeast 183rd Street in Aventura for $12 million. This represents an even steeper discount compared to Blackstone’s purchase price of $48.9 million in 2017—a difference of nearly $37 million. Sterling Aventura is an eight-story building with 171 units built on a 1.8-acre site and completed in 2001.
The press release states that when Isaac Toledano identified the sites as strategic opportunities, Gold Standard of Care was chosen to lead both the partnership and redevelopment strategy.
“As we expand throughout South Florida, we focus on opportunities that offer long-term stability,” Isaac Toledano said in a statement. “Senior housing is a niche we know well, and both properties check all the boxes: solid fundamentals, a prime location and sustained demand.”
Both facilities will be rebranded as AHAVA Senior Residences at Aventura and AHAVA Senior Residences Boca. According to the release, they require modernization and improvement—an area where Gold Standard of Care specializes.
