Blackstone sold another South Florida senior living facility to BH Group and Gold Standard of Care at a discount.
The joint venture paid $12.2 million for Atrium at Boca Raton, roughly $10 million below the previous sale price eight years ago, according to a source familiar with the deal.
Gold Standard of Care’s family office provided the equity capital for the purchase, a press release states.
In 2017, Blackstone paid $22 million for the 160-bed facility at 1080 Northwest 15th Street in Boca Raton, records show. The acquisition was part of a larger $155 million acquisition of South Florida senior living facilities the same year.
New York-based Blackstone, led by Stephen Schwarzman, is in the midst of offloading a national portfolio of senior living properties that resulted in heavy losses for the institutional investment giant.
Aventura-based BH Group, led by Isaac and Liat Toledano, and Fort Lauderdale-based Gold Standard of Care, partnered to acquire Blackstone’s senior living assets in South Florida, the release states. The joint venture’s acquisitions entail a combined 330 units in two of the state’s most desirable senior living markets — Aventura and Boca Raton.
Gold Standard of Care will operate the facilities in a partnership with Miami Gardens-based Colonial Assisted Living, led by Ricki Kaneti, according to the release.
This month, BH and Gold Standard of Care also paid $12 million for Sterling Aventura at 2777 Northeast 183rd Street in Aventura, representing a $36.9 million discount from Blackstone’s $48.9 million purchase price in 2017.
Sitting on a 1.8-acre site, Sterling Aventura is an eight-story project with 171 units completed in 2001, records show.
When BH’s Isaac Toledano identified the Aventura and Boca Raton sites as a strategic opportunity, Gold Standard of Care was selected to lead the partnership and execute the redevelopment strategy, the release states.
“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.”
Sterling Aventura and Atrium of Boca Raton will be rebranded as AHAVA Senior Residences at Aventura and AHAVA Senior Residences Boca, respectively. The facilities require modernization and improvement, which is Gold Standard of Care’s speciality, the release states.