ESI Brokers Sale of 57-Bed Skilled Nursing Facility in Providence, Rhode Island


The Elderwood at Riverside seniors housing community offers skilled nursing services and 57 beds.

PROVIDENCE, R.I. — Evans Senior Investments (ESI) has brokered the $4.3 million sale of Elderwood at Riverside, a 57-bed skilled nursing facility in Providence. The property was constructed in 1962. The seller, an East Coast-based owner-operator, initially acquired the asset  with the intent to move the licensed beds to a different county in Rhode Island. When regulatory obstacles prevented moving the licensed beds across county lines, the owner decided to exit the property through a sale at approximately $75,000 per bed. At the time of the sale, the property was 89 percent occupied. The buyer was an owner-operator based in the Southeast, and Elderwood is its first property in Rhode Island.

Get more news delivered to your inbox. Subscribe to France Media's e-newsletters. Click here.

Related News

Updated daily:
How Will COVID-19 Impact the Commercial Real Estate Industry?
Click here.

COVID-19 Webinars: Learn more about the CRE industry's response to the coronavirus. Sign up.

Watch On Demand:


Read the Digital Editions

Heartland Recent Issue

Northeast Recent Issue

Southeast Recent Issue

Texas Recent Issue

Western Recent Issue

Shopping Center Business

California Centers

Ancillary Retail

Student Housing Business

Seniors Housing Business

Featured Properties