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, about $10 million less than the price Blackstone paid eight years ago.
According to a press release, Gold Standard of Care’s family office provided the equity capital for this purchase. In 2017, Blackstone bought the 160-bed facility located at 1080 Northwest 15th Street in Boca Raton as part of a larger $155 million acquisition of senior living properties across South Florida.
Blackstone, based in New York and led by Stephen Schwarzman, is currently selling off its national portfolio of senior living assets after experiencing substantial losses from these investments.
The partnership between Aventura-based BH Group, led by Isaac and Liat Toledano, and Fort Lauderdale-based Gold Standard of Care involves acquiring Blackstone’s senior living facilities in South Florida. Their combined acquisitions now total 330 units across two major markets: Aventura and Boca Raton. Gold Standard of Care will operate both properties in collaboration with Colonial Assisted Living from Miami Gardens, which is led by Ricki Kaneti.
Earlier this month, the same joint venture purchased Sterling Aventura at 2777 Northeast 183rd Street in Aventura for $12 million—a steep discount compared to Blackstone’s original purchase price of $48.9 million in 2017. Sterling Aventura sits on a 1.8-acre site and features an eight-story building with 171 units completed in 2001.
The release notes that when Isaac Toledano identified the sites as strategic opportunities, Gold Standard of Care was chosen to lead the partnership and oversee redevelopment efforts.
“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 Sterling Aventura and Atrium at Boca Raton will be rebranded as AHAVA Senior Residences at Aventura and AHAVA Senior Residences Boca. The facilities are slated for modernization and improvement under Gold Standard of Care’s management.