Blackstone has sold the Sterling Aventura senior living facility at a significant loss, according to sources familiar with the transaction. The property, located at 2777 Northeast 183rd Street in Aventura, was purchased by BH Group and Gold Standard of Care for $12 million. This price is roughly 75 percent less than what Blackstone paid for the facility eight years ago.
The deal marks a $36.5 million discount from Blackstone’s original purchase price of $48.9 million in 2017. That acquisition had been part of a larger portfolio purchase totaling $154.7 million, which included three other assisted living properties in Boca Raton, Jupiter, and Hollywood.
Sterling Aventura sits on a 1.8-acre site and consists of an eight-story building with 171 units completed in 2001. The sale comes amid a broader national trend of Blackstone selling off senior living assets, which has resulted in more than $600 million in losses across properties totaling about 9,000 units nationwide, as reported by The Wall Street Journal.
Earlier this year, Blackstone modified its loan agreement with Wilmington Trust—acting as trustee for Wells Fargo—for a $35 million loan originally taken out on Sterling Aventura in 2017.
In addition to this sale, Blackstone remains active in South Florida real estate. In September, the company acquired the East Miami hotel in Brickell for nearly $300 million.
Gold Standard of Care was founded in 2008 and manages over $150 million in real estate assets that include more than 1,100 senior living units across two million square feet.
BH Group continues to be one of South Florida’s most active developers and investors. Recently, it received approval from Fort Lauderdale officials to redevelop The Quay at 17th Street alongside Related Group and Pebb Enterprises into a multifamily project under the Live Local Act initiative. Plans for The Quay call for a new 33-story building with 521 apartments—including affordable and workforce housing—alongside commercial space and parking facilities.
