Scott Veloso, Penrose Commercial

99 Hillside Avenue - Providence, RI

Eric Chauvin, Penrose Commercial

Providence, RI Scott Veloso and Eric Chauvin of Penrose Commercial completed the sale of 99 Hillside Ave. on the East Side.

99 Hillside LLC has purchased a 17,000 s/f former assisted living facility from Summit RI LLC for $440,000. The buyer obtained approvals to convert the facility into 22 market rate apartments.

Veloso represented the buyer, while Chauvin represented the seller in this off market deal. Penrose identified the underutilized asset, approached the owner and negotiated the price.

Veloso, Chauvin and Chris Heller started Penrose Commercial a year ago to source off market opportunities for developers and investors.