Bell Senior Living Acquires The Palms of St. Lucie West

GREENSBORO, N.C.— Steven D. Bell & has completed the acquisition of The Palms of St. Lucie West, a senior-living community in Port St. Lucie, Fla.

The Bell firm purchased for $16.5 million, with the money coming from Bell Fund I, with Wachovia Securities providing bridge financing. A portion of the purchase price will go toward various capital improvements and enhancements.

The property includes a 59-unit assisted-living facility, an Alzheimer's care unit and 22 age-restricted villas. Formerly known as Paradise Care Cottage, The Palms of St. Lucie West sits on 8 acres.

Bell Senior Living, a division of the Greensboro-based Steven D. Bell & Company, plans to add 24 assisted-living apartments as part of its renovations.