Blackstone has sold the Sterling Aventura senior living facility in Aventura at a significant loss. The property, located at 2777 Northeast 183rd Street, was purchased by BH Group and Gold Standard of Care for $12 million, according to a source familiar with the transaction. Financing for the deal was provided by New Wave Loans.
The sale price is about 75 percent less than what Blackstone paid in 2017, when it acquired the facility as part of a $154.7 million portfolio that included three other assisted living properties in Boca Raton, Jupiter, and Hollywood. At that time, Blackstone paid $48.9 million for Sterling Aventura.
Sterling Aventura sits on a 1.8-acre site and includes an eight-story building with 171 units built in 2001. The property is part of a broader national sell-off of senior living facilities by Blackstone, which has reportedly resulted in more than $600 million in losses across 9,000 units, as reported by The Wall Street Journal.
In March of this year, Blackstone entered into a loan modification agreement with Wilmington Trust—acting as trustee for Wells Fargo—for a $35 million loan originally taken out on the facility in 2017.
Despite these losses, Blackstone continues to invest elsewhere; in September, it paid nearly $300 million for the East Miami hotel located in Brickell.
Gold Standard of Care, established in 2008, manages over $150 million in real estate assets and operates more than 1,185 senior living units covering two million square feet.
BH Group remains active in South Florida’s real estate market. Recently, Fort Lauderdale approved plans from BH and its partners—the Related Group and Pebb Enterprises—to redevelop The Quay at 17th Street into a Live Local Act multifamily project. The planned development will feature a 33-story building with 521 apartments (including affordable and workforce housing), commercial space, and parking for more than 750 vehicles.
