Blackstone has sold the Sterling Aventura senior living facility at a significant loss, marking another chapter in its ongoing sell-off of senior housing assets. The property, located at 2777 Northeast 183rd Street in Aventura, was acquired by BH Group and Gold Standard of Care for $12 million, according to a source familiar with the deal. New Wave Loans provided financing for the purchase.
The sale price represents a 75 percent decrease from its previous transaction eight years ago. Blackstone had bought the facility in 2017 for $48.9 million as part of a larger portfolio acquisition totaling $154.7 million, which included three other assisted living properties in Boca Raton, Jupiter, and Hollywood.
Sterling Aventura is an eight-story building with 171 units built in 2001 on a 1.8-acre site. This sale is part of Blackstone’s broader effort to divest itself from senior living facilities nationwide—a process that has resulted in more than $600 million in losses and involved about 9,000 units, according to The Wall Street Journal.
Earlier this year, Blackstone modified its loan agreement with Wilmington Trust (as trustee for Wells Fargo) regarding a $35 million loan taken out on Sterling Aventura in 2017.
Despite these setbacks in the senior housing sector, Blackstone remains active elsewhere; in September it purchased the East Miami hotel in Brickell for nearly $300 million.
Gold Standard of Care manages over $150 million worth of real estate assets encompassing approximately 1,185 senior living units across two million square feet.
BH Group continues to be one of South Florida’s most active real estate development and investment firms. In partnership with Related Group and Pebb Enterprises, BH recently received approval from Fort Lauderdale officials to redevelop The Quay at 17th Street into a multifamily project under Florida’s Live Local Act. Plans include constructing a 33-story building featuring 521 apartments—217 of which will be reserved for affordable and workforce housing—as well as commercial space and parking facilities.
