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Bell Group Purchases Mooresville’s Summit Place

An ownership group sponsored by Steven D. Bell & Company of Greensboro has purchased Summit Place of Mooresville for about $6.5 million and is planning to add more units to the facility's Alzheimer's and dementia care unit.

The purchase of the 56-unit Summit Place of Mooresville is part of a larger transaction involving three Summit Place properties in the Carolinas. The Bell-sponsored group also bought Summit Place of Kings Mountain 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 Mooresville during the first quarter of 2006. The addition will consist of at least three new units in the facility's special area for Alzheimer's care, currently consisting of 16 units.

Summit Place of Mooresville Lindsay Smith commented, "The expansion of our Keepsake Unit (for Alzheimer's and other types of dementia care) is an immediate plus. We have been very pleased by the reception the Mooresville area has given us and we believe we can expand on that reputation."

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.