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, which is about $10 million less than the price Blackstone paid eight years ago.
According to records, Blackstone purchased the 160-bed facility at 1080 Northwest 15th Street in Boca Raton for $22 million in 2017 as part of a larger $155 million acquisition of senior living properties across South Florida. The recent sale reflects ongoing efforts by Blackstone, based in New York and led by Stephen Schwarzman, to divest from its national portfolio of senior living assets after experiencing substantial losses.
The purchase was financed with equity capital from Gold Standard of Care’s family office. BH Group, headquartered in Aventura and led by Isaac and Liat Toledano, joined forces with Fort Lauderdale-based Gold Standard of Care to acquire Blackstone’s senior living properties in the region. Together, their acquisitions now include a total of 330 units across two major markets: Aventura and Boca Raton.
Gold Standard of Care will manage both facilities through a partnership with Colonial Assisted Living, based in Miami Gardens and led by Ricki Kaneti.
Earlier this month, the same joint venture bought Sterling Aventura at 2777 Northeast 183rd Street for $12 million—a notable decrease from Blackstone’s purchase price of $48.9 million for the property in 2017. Sterling Aventura is an eight-story building with 171 units on a 1.8-acre site that was completed in 2001.
“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,” according to the press release.
Isaac Toledano said: “As we expand throughout South Florida, we focus on opportunities that offer long-term stability. Senior housing is a niche we know well, and both properties check all the boxes: solid fundamentals, a prime location and sustained demand.”
Both facilities will be rebranded as AHAVA Senior Residences at Aventura and AHAVA Senior Residences Boca. The press release notes that modernization and improvements are planned for both locations, which aligns with Gold Standard of Care’s expertise.
