FOR IMMEDIATE RELEASE

Bell Group Purchases Two Senior Living Communities For More Than $19 Million

Investor groups sponsored by Greensboro-based Steven D. Bell & Company have recently completed the acquisition of two senior living communities in Virginia and Florida. The two communities were purchased for more than $19 million.

A Bell group recently purchased Talbot Park, a senior apartment community located in Norfolk, Va. Built in 2005, Talbot Park includes 114 apartments with an average size of 1,310 sq. ft.

A Bell group also acquired The Arbors at Ormond Beach, an Alzheimer’s and memory care community located near Daytona Beach, Fla. The community was built in 1999 and includes 40 private and semi-private rooms with an average size of 200 sq. ft.

The Arbors will be renamed Seasons by Riviera. The community will offer the Seasons program, Bell Senior Living’s distinctive memory-care approach designed to effectively identify the needs of residents in various stages of memory impairment.

Seasons by Riviera will be a sister community to Riviera, a Bell Senior Living independent and assisted living community located in the same area.

The former Arbors was purchased for $2,800,000 and Bell Senior Living plans to invest approximately $200,000 in immediate renovations to the community.

The Bell company, headquartered in Greensboro, oversees real estate investments throughout the Southeast and Texas and manages a portfolio valued at approximately $2.6 billion. Bell owns and/or manages more than 30,000 multifamily units, 27 retail properties with more than 4,300,000 square feet and 17 senior living communities containing 1,335 units.