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.

About Bell Partners Inc.

Established in 1976, Bell Partners Inc. (“Bell Partners” or the “Company”) is a privately held, vertically integrated apartment investment and management company focused on high-quality multifamily communities throughout the United States. Bell Partners has over 60,000 units under management and over 20,000 apartments under renovation. The Company has over 1,600 associates and 6 offices (including its headquarters in Greensboro, NC) and offers an extensive and full service operating platform containing expertise in acquisitions and dispositions, financing, property operations, construction, accounting, risk management, market research and all other related support functions. Bell Partners is led by a senior management team with an average of over 20 years of experience that has invested throughout all phases of the real estate cycle and has helped the Company complete over $10 billion of apartment transactions since 2002, including almost $1.5 billion of activity in 2015 alone. For more information, visit our website at www.bellpartnersinc.com.

CONTACTS:

Kevin Thompson
Phone: 336.232.1993
Email: bkthompson@bellpartnersinc.com

Laurenn Wolpoff
Phone: 917.518.9011
Email: lwolpoff@prosek.com