Coventry nursing home property sells for $7.23M

FOUR NURSING HOMES in Rhode Island were recently sold by Health Concepts Ltd. to a new ownership group including Tryko Nextgen Holdings LLC. The 190-bed Riverview Rehabilitation & Healthcare Center property at 546 Main St. in Coventry was sold recently to a New Jersey-based company for $7.23 million. Health Concepts also sold the Heritage Hills Nursing & Rehabilitation Center at 80 Douglas Pike in Smithfield, the Morgan Health Center at 80 Morgan Ave. in Johnston, and the Westerly Health Center at 280 High St. / COURTESY HEALTH CONCEPTS LTD.

COVENTRY – The 190-bed Riverview Rehabilitation & Healthcare Center property at 546 Main St. in Coventry was sold recently to a New Jersey-based company for $7.23 million, according to a copy of the warranty deed, a public record documenting the property sale.

This was the largest of four real estate transactions as a New Jersey company completes the acquisition of nursing homes in Coventry, Johnston, Smithfield and Westerly, buying them from longtime operator Health Concepts Ltd.

The new ownership of the nursing home property and operations is split between several parent groups, mainly Tryko Nexgen Holdings LLC, which itself is split between the YR Nextgen Trust, SK Nexgen Trust and YK Nextgen Trust, according to change in effective control filings provided by the R.I. Department of Health.

Tryko and the other parent companies that bought the Coventry facility also acquired three other facilities operated by Health Concepts, including the Heritage Hills Nursing & Rehabilitation Center at 80 Douglas Pike in Smithfield, the Morgan Health Center at 80 Morgan Ave. in Johnston, and the Westerly Health Center at 280 High St. The sale was made effective on Nov. 1, according to a statement from the former owner, which called it a “difficult decision” to part with the nursing homes.

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“The facilities have been sold to operators that we trust to carry on a long-standing tradition of care for the Rhode Island communities that we have had the honor to serve,” according to the statement, describing the operator’s nearly 60 years in business. “It is with much gratitude that we extend our appreciation to the employees, residents, families and vendor partners that have been part of our family during this time.”

The nursing home facilities at 80 Douglas Pike sold for $3.8 million, according to the warranty deed, a public record documenting the real estate sale. The Johnston nursing home building sold for $4.6 million, according to the deed, and the Westerly facility sold for $4 million. Tryko and the rest of the ownership group also bought the operations of each of the facilities for a separate price, according to R.I Department of Health filings.

The Coventry property, which has operated as a nursing home for more than 45 years, was once the mansion of former Rhode Island Gov. Elisha Harris when it was originally constructed in 1840, according to the R.I. Historical Preservation Commission. Designed with a Greek revival style, the three-story building was later occupied by former Gov. Henry Howard, who was Harris’ son-in-law, the commission said. While it sold for $7.2 million, the building and land was most recently valued by Coventry assessors to be worth $8.45 million, according to the town’s online property tax evaluation database.

Riverview Property LLC, with a mailing address in Brick, N.H., bought the 68,200-square-foot nursing home building and the 2.7 acres of land it stands on from Riverview Nursing Home, Inc, an entity belonging to Health Concepts Ltd. Health Concepts has been a locally owned organization, led by David Ryan and Sally Ryan.

The new ownership group said plans to continue operating the 190-bed facility as a 24-hour skilled nursing care facility for the elderly. The Tryko-led group contracts Marquis Health Consulting Services as its partner to help operate and service the nursing home facilities, according to R.I Department of Health filings.

Marc Larocque is a PBN contributing writer.

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