A five-acre senior living campus just off Airport Road in unincorporated Collier County has changed hands for $10 million, a steep markdown from the $26.8 million it fetched back in 2021. The buyers, a partnership between BH Group and Gold Standard of Care, picked up the AdviniaCare Naples property with its 133 assisted living units and 40 skilled nursing rooms, and they're already planning a new name and a round of renovations.
The price tag represents a 62.7 percent discount from the property's last sale, according to The Real Deal, which reported the deal citing the buyers' news release. The campus sits in an unincorporated stretch of Collier County near Naples, and under the new ownership it will be rebranded as AHAVA Senior Residences at Naples for the assisted living side and AHAVA Skilled Nursing and Rehabilitation – Naples for the nursing wing. The outlet reports that BH Group and Gold Standard of Care are planning renovations at the site, though specifics on scope or timeline haven't been disclosed.
To run the renamed facility, the buyers have brought in Ricki Kaneti of Colonial Assisted Living, a Florida senior living operator, per the same report. Before the sale, AdviniaCare Naples advertised itself as a community offering assisted living, skilled nursing, short-term rehabilitation, hospice care and respite stays, according to its own website, with round-the-clock clinical care from registered nurses and in-house physical, occupational and speech therapy.
A Busy Year for This Buying Duo
This isn't BH Group and Gold Standard of Care's first swing at a discounted senior living buy. The Naples purchase marks the partnership's third such investment over the past year, the report notes. Last November, the pair paid a combined $24.3 million for two other Florida properties: a 160-unit center in Boca Raton and a 171-unit facility in Aventura, both previously owned by Blackstone.
Those Boca Raton and Aventura deals came at similarly steep discounts. BH Group and Gold Standard of Care paid $12.2 million for the Atrium at Boca Raton, down from the $22 million Blackstone paid for the 160-bed facility in 2017, according to a separate Real Deal report. The same joint venture paid $12 million for Sterling Aventura, a 75 percent discount from the $48.9 million Blackstone paid for that property in 2017. Colonial Assisted Living manages both the Boca Raton and Aventura facilities.
Gold Standard of Care, founded in 2006, now holds a portfolio worth $445 million in completed and under-development properties spanning more than 1,800 units, per its company website as cited by the outlet. BH Group, led by husband-and-wife team Isaac and Liat Toledano, was founded in 2009 and has partnered with Coconut Grove-based Related Group on more than 20 projects.
Naples Market Draws Bigger Money Too
The discount sale lands amid a broader senior housing boom that's drawing in much larger institutional dollars. The industry is potentially in the midst of another record-setting year for transactions, according to Senior Housing News, even as the 10-year Treasury yield has climbed from roughly 4 percent in February to about 5.1 percent now. Occupancy rates in primary markets have climbed above 90 percent, while fewer than 16,000 senior living units were under construction nationally as of the second quarter, the publication reports, with the 80-plus population projected to grow by roughly 33 percent through 2030.
Elsewhere in Naples, the scale of senior housing deals looks very different. The Carlisle, a 350-unit independent and assisted living community with 257 independent living units and 93 assisted living units on 18 acres, sold for $148.75 million as part of a larger $455 million, five-property portfolio sale, according to the Business Observer. In Palm Beach County, Artemis Real Estate Partners paid $140 million in August for the 207-unit Arbor at Delray complex, a facility built in 2023.
New institutional capital from firms including Clarion, Silver Wave Capital, Artemis Real Estate Partners and AEW has fueled demand for stabilized, Class A senior living properties, Senior Housing News reports, while U.S. senior-living trades topped $12.1 billion in the first quarter alone — the highest quarterly total in at least two decades, according to MSCI data cited by Bisnow. That same report notes Meridian Senior Living's $32 million purchase of The Preserve at Palm-Aire in Pompano Beach, a seven-building complex offering independent and assisted living alongside memory and respite care.
Against that backdrop of climbing valuations elsewhere, the Naples deal stands out as a bargain buy in a market where investors are increasingly willing to look beyond primary metros for opportunities, the trade publication notes. For Collier County, the Airport Road campus is slated for a rebrand and renovations as AHAVA takes shape.
