Former nursing home in Torrington sells for $1.7M
CoStar
225 Wyoming Avenue, Torrington
A one-time 126-bed nursing home in Torrington that sold for $200,000 to a local investor in 2019 recently sold again for $1.7 million.
The new owners, a pair of New York investors, plan to convert the roughly 60,000-square-foot building at 225 Wyoming Avenue into an assisted living facility, with specialized memory care capabilities. The new owners plan to open the new facility within a year.
Prashant Kumar, a partner in the purchase, expects to spend up to $5 million on renovations over the coming eight months. Kumar said he was attracted to the property because of the need for services in the area and the relatively low cost of the real estate. That will allow more money to be spent on upgrades, he said.
“This is going to be a very good project overall,” Kumar said. “Our goal is to serve the seniors in the area.”
Kumar said he and his partner, Alexandru Novac, already own three similar facilities and are working to add two more to their portfolio.
Craig Bothroyd, of Goshen, is principal of a limited liability company that bought the property for $200,000 in 2019. He is also principal of another LLC that sold it in a deal recorded May 18.
Bothroyd said the nursing home was virtually defunct when he purchased the property, and the building required a “substantial” amount of rehabilitation.
Bothroyd owns Yield Industries, a construction company based in Torrington, as well as a real estate investment arm, Yield Properties.
Torrington City Planner Jeremy Leifert said the planning office signed off on a plan Bothroyd presented last fall to convert the nursing home into a 60-unit elderly residential facility. The use was similar, and the change would have resulted in less intense activity on the site, Leifert said. It was determined the conversion did not require approvals from land-use boards.
“It wasn’t too big of an issue for zoning,” Leifert said.
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