Blackstone has sold another senior living facility in South Florida, continuing its trend of divesting from the sector at a loss. The Atrium at Boca Raton was purchased by a joint venture between BH Group and Gold Standard of Care for $12.2 million, about $10 million less than Blackstone paid for the property in 2017.
Gold Standard of Care’s family office supplied the equity capital for this acquisition. The 160-bed facility, located at 1080 Northwest 15th Street in Boca Raton, was originally part of Blackstone’s $155 million purchase of several South Florida senior living properties eight years ago.
Blackstone, headquartered in New York and led by Stephen Schwarzman, is currently selling off its national portfolio of senior living assets after experiencing significant financial losses with these investments.
The new owners—Aventura-based BH Group, led by Isaac and Liat Toledano, and Fort Lauderdale-based Gold Standard of Care—have now acquired a total of 330 units across two key South Florida markets: Aventura and Boca Raton. According to the press release, Gold Standard of Care will operate both facilities in 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 in Aventura for $12 million. This sale also represented a substantial discount from Blackstone’s original purchase price; Blackstone paid $48.9 million for Sterling Aventura in 2017—a difference of nearly $37 million. Sterling Aventura is an eight-story building with 171 units on a 1.8-acre site completed in 2001.
The decision to acquire both sites was described as strategic by Isaac Toledano: “As we expand throughout South Florida, we focus on opportunities that offer long-term stability,” he 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.”
Both facilities will be rebranded as AHAVA Senior Residences at Aventura and AHAVA Senior Residences Boca. The new owners plan to modernize and improve them—a process that Gold Standard of Care specializes in.
