Aug
22

Three Charleston Senior Housing Developments to be Sold

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The owner of three local housing developments for elderly residents is cashing out to focus its attention on the rebounding apartment business.

Greensboro, N.C.-based Bell Partners Inc. has announced it is selling nearly all of its senior-living portfolio for more than $300 million to Senior Housing Properties Trust of Newton, Mass. The 22-property deal includes The Palms of Mount Pleasant, Ashley River Plantation in Charleston and Summit Place on Daniel Island. Prices for individual communities were not available last week.

“The sale of the senior living communities is a key part of a Bell Partners’ strategic shift over the last 18 months, as Bell focuses on its position as one of the country’s leading apartment ownership and management companies,” the seller said.

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