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Bell Group Purchases Myrtle Beach’s Summit Place

An ownership group sponsored by Steven D. Bell & Company of Greensboro, N.C. has purchased Summit Place of North Myrtle Beach for $6.8 million and will soon be expanding both the assisted living and Alzheimer's unit spaces in the Highway 17 eldercare facility.

The purchase of the 52-unit Summit Place of North Myrtle Beach is part of a transaction involving three Summit Place properties. The Bell-sponsored group also bought Summit Place of Mooresville, N.C. and Summit Place of Kings Mountain, N.C., the total sales price for the three properties 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 hope to complete additional space for Summit Place of North Myrtle Beach during the first quarter of 2006. The construction will consist of adding 14 assisted living suites and expanding the size of the Alzheimer's unit.

Executive Director Dave Jones explained, "The new suites will come in between 525 and 550 square feet and will include private bathrooms, kitchenettes and bay windows. Once in place, we will be offering the largest assisted living suites in our area."

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.