Image courtesy of Cushman & Wakefield

A Chelsea multifamily developer plans to redevelop a former Revere nursing home as condominiums targeting the first-time homebuyer market, following a $4.5 million acquisition.

Broadway Capital acquired 133 Salem St., the site of the former West Revere Health Center, last week from Capital Funding Group Inc. The price equates to $76 per square foot.

The property contains a 3-story, 59,000-square-foot former skilled nursing facility with 10-foot ceilings and flexible footprints suitable for a housing conversion.

Broadway Capital has several recent multifamily developments in Chelsea, including a 33-unit condo project at 932 Broadway and a 20-unit condo project at 25 Second St. The firm said it plans to offer condos starting in the high-$200,000 range at the Revere property, targeting the first-time homebuyer market.

Revere Mayor Brian Arrigo signaled his support of the project.

“Partnerships with private investors have a profound impact on our city’s ability to grow responsibly while addressing the needs of our residents,” Arrigo said in a statement.

Cushman & Wakefield’s multifamily investment sales team represented the seller.