BH Group and Gold Standard of Care buy Naples nursing campus for $10 million

BH Group, a Miami-based real estate development firm, and Gold Standard of Care, a Fort Lauderdale healthcare real estate investment family office, just acquired AdviniaCare Naples, a five-acre assisted living and skilled nursing campus in Naples, Florida, for $10 million. The property, located at 7801 Airport Road N, comprises 133 assisted living units and 40 skilled nursing rooms, and was previously sold for $26.8 million.

Isaac Toledano, founder and CEO of BH Group, and Michael Verbitsky, CEO of Gold Standard of Care, led the acquisition from an established Midwest-based healthcare firm. The new owners plan to reposition the property under the Ahava brand, joining two other Ahava senior living properties in Aventura and Boca Raton that the partners acquired from Blackstone, the private equity firm, last year.

Operations at the Naples facilities will be run by Ricki Kaneti, a third-generation senior living operator who has overseen more than 20 senior living communities across South Florida. Kaneti and her team plan to improve resident services, strengthen staffing, and implement physical renovations across the campus.

Gold Standard of Care has a track record of 21 successful healthcare turnarounds, focusing on underperforming senior living properties. The new ownership intends to work with local officials on beautification and property enhancements. The deal expands the Ahava platform into the Naples market and adds 173 total units and rooms to the partnership's healthcare real estate portfolio.

This is the kind of property flip where an experienced operator steps in to turn around an undervalued asset at a fraction of its prior sale price.