Blackstone has sold the Sterling Aventura senior living facility at a significant loss, with the property changing hands for $12 million. The buyers are BH Group, based in Aventura and led by Isaac and Liat Toledano, along with Fort Lauderdale-based Gold Standard of Care. Financing for the acquisition was provided by New Wave Loans.
The sale price marks a 75 percent drop from the $48.9 million Blackstone paid for the property in 2017 as part of a larger portfolio deal that included three other assisted living facilities in Boca Raton, Jupiter, and Hollywood. The eight-story Sterling Aventura project, located at 2777 Northeast 183rd Street in Aventura, sits on a 1.8-acre site and consists of 171 units completed in 2001.
This transaction is part of a broader trend for Blackstone, which has reportedly incurred over $600 million in losses tied to a nationwide sell-off of senior living facilities comprising approximately 9,000 units.
Earlier this year, Blackstone entered into a loan modification agreement with Wilmington Trust—acting as trustee for Wells Fargo—for a $35 million loan taken out on Sterling Aventura when it was first acquired.
Gold Standard of Care manages more than $150 million in real estate assets across 1,185 senior living units totaling two million square feet.
BH Group remains active in South Florida’s real estate market. Recently, it secured approval from the city of Fort Lauderdale to redevelop The Quay at 17th Street—a waterfront retail and office plaza with marina access—into a multifamily project under Florida’s Live Local Act. The planned development will feature a 33-story building with 521 apartments, over 5,000 square feet of commercial space, more than 750 parking spaces, and will allocate 217 units for affordable and workforce housing.
