Blackstone has sold the Sterling Aventura senior living facility at a significant loss, marking another step in its broader exit from the senior housing sector. The property, located at 2777 Northeast 183rd Street in Aventura, was purchased by BH Group and Gold Standard of Care for $12 million, according to a source familiar with the transaction. Financing for the acquisition was provided by New Wave Loans.
The sale price represents a 75 percent decrease 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 building sits on a 1.8-acre site and contains 171 units built in 2001.
This transaction is part of Blackstone’s nationwide sell-off of senior living facilities totaling about 9,000 units, which has resulted in losses exceeding $600 million, according to reporting by The Wall Street Journal.
Earlier this year, Blackstone entered into a loan modification agreement with Wilmington Trust as trustee for Wells Fargo on a $35 million loan tied to Sterling Aventura that originated in 2017.
Despite this divestment, Blackstone remains active in South Florida real estate. In September, it acquired the East Miami hotel in Brickell for nearly $300 million.
Gold Standard of Care manages more than $150 million in real estate assets with over 1,185 senior living units across two million square feet.
BH Group continues to be an active player in South Florida’s development scene. Recently, Fort Lauderdale approved plans from BH and partners Related Group and Pebb Enterprises to redevelop The Quay at 17th Street into a multifamily project under Florida’s Live Local Act. The planned development will include a 33-story tower with 521 apartments—217 of which are reserved for affordable and workforce housing—as well as commercial space and parking.
