Blackstone Sells South Florida Senior Facility for 75% Discount

Isaac Toledano’s BH Group and Gold Standard of Care paid $12 million for an assisted living community in Aventura, Fla., Commercial Observer has learned. 

The deal represents a 75 percent discount for the seller, Blackstone, which purchased the 1.8-acre property for $48.9 million in 2017, according to property records. 

The reason for the steep discount remains unclear. Representatives for both Blackstone and BH Group declined to comment.

Called the Sterling Aventura, the eight-story building at 2777 Northeast 183rd Street sits just east of Biscayne Boulevard. The 160,517-square-foot property, which was built in 2001, includes 171 residential units.

The recent sale includes both the facility’s real estate and its operations, said a source with knowledge of the transaction. The joint venture also nabbed an undisclosed amount of financing from New Wave Loans for the acquisition.

Blackstone had purchased the asset alongside three other senior home facilities in South Florida, paying $155 million in total, the South Florida Business Journal reported. The New York-based private equity giant sold one of the properties, the 155-unit Mangrove Bay in Jupiter, for $105 million in 2022 to Ventas, a real estate investment trust focused on health care.

Julia Echikson can be reached at jechikson@commercialobserver.com.