Naples senior living campus sells for 63 percent below its 2021 price
The short version
- That price is 62 percent lower than what the previous owner paid in 2021.
- BH Group and Gold Standard of Care bought the 5-acre property.
- They plan to renovate the buildings and rename them AHAVA Senior Residences.
Why it matters to you. For investors watching property values, the steep discount highlights how high interest rates and rising operating costs have hammered nursing homes and assisted living facilities across the country.
A senior living campus in Naples just sold for $10 million, a staggering 62 percent below what it fetched just five years ago. BH Group, a South Florida real estate developer, and Gold Standard of Care, a Fort Lauderdale-based healthcare investment firm, teamed up to buy the AdviniaCare Naples campus.
The 5-acre property at 7801 Airport Road N. includes 133 assisted living units and 40 skilled nursing rooms. An Illinois LLC paid $26.8 million for the same campus in 2021, according to the Business Observer. The new owners plan to rebrand the site as AHAVA Senior Residences at Naples and AHAVA Skilled Nursing and Rehabilitation.
The renovation process is expected to take six to eight months. The partnership says the work will focus on property enhancements and campus beautification to reposition the asset in the Naples health care market. BH Group typically develops luxury condominiums and resorts across South Florida.
Gold Standard of Care specializes in buying and developing health care real estate assets where upgrades can unlock new value.
Sometimes the best real estate deal is the one someone else had to let go of at a steep loss.
