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Bell Partners Inc.
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Bell Purchases Two Senior Living Communities
Steven B. Bell & Company-sponsored investment groups recently purchased two senior living communities in Florida and Georgia for a combined sale price of approximately $22 million, bringing to 18 the number of eldercare properties now either owned or managed by Bell business entities.
Early in September, a Bell group bought Habersham House in Savannah, Ga., a 63-unit assisted living and Alzheimer’s care community for approximately $8 million. Habersham is located near Savannah’s Memorial Health University Hospital and Candler Hospital, close to downtown Savannah.
The Habersham property is a two-story facility with a separate first-floor wing for the Alzheimer’s unit. Improvements are planned for the property with the possibility of at least four additional units, according to Bell officials. Habersham House will be managed by Senior Living Services, a wholly-owned subsidiary of the Bell firm.
In late September, a Bell-sponsored partnership purchased Barrington Terrace of Boynton Beach (Fla.) for about $13.8 million, in a joint venture with JDI, a Chicago-based real estate investment firm. The 70,000 square foot building contains 104 assisted living units and 29 beds for skilled nursing care.
Barrington Terrace is on four acres and the average unit size is 350 square feet. According to Bell officials, the new ownership group plans to spend about $1.5 million on interior upgrades, a new roof and other amenities.
The Florida senior living community will be managed by Arbor Company of Atlanta with the Bell company and JDI providing asset management oversight.
Mike Bateman, president of Bell Senior Living Services, noted, “These properties add to what has become a key part of the Bell company’s investment strategy. Our eldercare communities are enjoying excellent occupancy and strong potential for investor groups.”
Senior Living Services and Steven D. Bell & Company now own and manage an eldercare network across the Southeast consisting of more than 1,400 beds.
The Bell firm, founded in 1976, has more than 850 employees working in Bell investment property locations across the Southeast and Texas.
Steven D. Bell & Company manages a property portfolio valued at more than $2 billion. The portfolio is made up of approximately 19,000 apartment units under management, senior living facilities and about 4 million square feet of retail space in 25 shopping centers and three office buildings.
