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 price is approximately $10 million less than what Blackstone paid for the facility in 2017, when it was part of a larger $155 million acquisition of several senior living facilities in the region.
A source familiar with the deal confirmed that Gold Standard of Care’s family office provided the equity capital for this purchase.
Blackstone, based in New York and led by Stephen Schwarzman, is currently divesting from its national portfolio of senior living properties after experiencing substantial losses on these investments.
The partnership between Aventura-based BH Group, headed by Isaac and Liat Toledano, and Fort Lauderdale-based Gold Standard of Care aims to acquire Blackstone’s senior living assets in South Florida. Their combined acquisitions now include 330 units across two markets: Aventura and Boca Raton.
Gold Standard of Care will operate both facilities in collaboration with Colonial Assisted Living, which is based in Miami Gardens and led by Ricki Kaneti.
Earlier this month, BH Group and Gold Standard of Care also purchased Sterling Aventura, an eight-story building with 171 units situated on a 1.8-acre site at 2777 Northeast 183rd Street in Aventura. The joint venture paid $12 million for Sterling Aventura—$36.9 million less than Blackstone’s purchase price of $48.9 million for the same property in 2017.
Isaac Toledano explained their strategy: “As we expand throughout South Florida, we focus on opportunities that offer long-term stability,” he 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 properties will be rebranded as AHAVA Senior Residences at Aventura and AHAVA Senior Residences Boca. According to the press release, modernization and improvement are planned for both facilities—an area where Gold Standard of Care specializes.
