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