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Bell Group Purchases Kings Mountain Property

An ownership group sponsored by Steven D. Bell & Company of Greensboro has purchased Summit Place of Kings Mountain for $4.7 million and will soon embark on an expansion program at the assisted living and Alzheimer's care facility.

The purchase of the 48-unit Summit Place of Kings Mountain is part of a transaction involving three Summit Place properties. The Bell-sponsored group also bought Summit Place of Mooresville and Summit Place of Myrtle Beach, S.C., the total sales price coming to about $18 million.

All three of the Summit Place eldercare properties will retain their names and will be managed by Senior Living Services, Inc., a division of Steven D. Bell & Company.

The new owners expect to complete a new addition for Summit Place of Kings Mountain during the first quarter of 2006. The addition will consist of nine private assisted living suites, each with more than 500 square feet including computer nooks, kitchenettes and bay windows. They will become the largest assisted living units in the Kings Mountain area.

Summit Place of Kings Mountain Executive Director Kristi Anthony said, "We are also adding a spacious new activity center, in addition to exploring the idea of an independent living facility and perhaps cottages for seniors on our 20-acre property."

The Bell firm’s Senior Living Services division now manages 14 eldercare properties in the Carolinas and Florida, including 1,300 units for independent living, assisted living, Alzheimer's care and cottage occupancy. The Senior Living Services division has 350 employees.

The entire Bell operation now employs more than 750 people in a diversified real estate firm managing a property portfolio valued at more than $2 billion. In addition to the approximately 19,250 apartment units under management, the portfolio is made up of the 14 senior living facilities and about 4,000,000 square feet of retail space in 25 shopping centers and three office buildings.