Bell Company Adds to Senior Living Portfolio in the Carolinas

Steven D. Bell & Company, on behalf of Bell Fund II LLC, has recently purchased senior living communities in both Charlotte, N.C. and Charleston, S.C., bringing to 26 the number of senior living properties in the Bell Senior Living portfolio.

For a combined cost of approximately $15 million, the Bell company has acquired The Place at SouthPark in Charlotte, a 110-unit community located in the SouthPark area, and Spring Arbor of Daniel Island, a 59-unit property on Daniel Island in Metro Charleston.

Bell Principal Jon Bell commented, "We think these are prudent acquisitions and we are excited about our plans for these assets. These properties mostly cater to a renter by necessity. Many of the prospective residents at these properties must make housing decisions that are independent of current economic conditions."

To conform with the ongoing branding of many Bell senior living communities, the properties will be renamed Summit Place of SouthPark and Summit Place of Daniel Island.

The Charleston property was built in 2002 and is licensed for 67 beds of assisted living service. The Charlotte community, constructed in 1999, is licensed for 120 beds dedicated to both assisted living and memory care.

Bell noted, "Both properties are in good condition and are located in outstanding urban areas."

Bell assumed a Housing & Urban Development loan to complete the Charleston purchase and originated a loan with BB&T to support the Charlotte acquisition.

Steven D. Bell & Company’s real estate management and investment portfolio is now valued at approximately $5 billion. It includes more than 58,000 apartments, 26 senior living communities and more than 5.6 million square feet of retail and office properties.

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