Mt Pleasant Homes For Sale

JOHN MCDERMOTT: Senior living developments to change hands

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.

Bell entered the senior market in Charleston in 2006 when it paid $10.45 million for what is now Ashley River Plantation. Later that year, it snapped up Cooper Hall and the nearby Savannah Grace, both of which were combined to form The Palms in a deal valued at $27.5 million. It then bought Summit Place, then called Spring Arbor, in 2008 for about $6.7 million.

Bell’s exit from the senior-living business was prescient: The sale preceded the announcement that Medicare would reduce reimbursement rates to skilled-nursing properties by about 11 percent over the next fiscal year starting in October. The cuts are in response to unexpected increases in nursing-home payments. The move hammered the stocks of publicly traded companies in the business, including Senior Housing Properties Trust.

The new owner controls about $3.8 billion worth of primarily senior living properties with 27,000 units in 36 states.

David Hegarty, president and chief operating of Senior Housing Properties Trust, said he does not “expect any significant changes to the operations” to the local acquisitions, adding that “maybe over the course of time, the operations will be enhanced with more service options.” Management is being handled by Five Star Senior Living, part of Five Star Quality Care Inc.

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MOUNT PLEASANT HOME FOR SALE

Looking for the perfect family home in I'On? This is it! You will not want to miss this beautiful Mount Pleasant home for sale. And at its just reduced price of $890,000 and roughly 4,000 square feet, this home will not last! This lovely French colonial home offers gracious formal entertaining rooms overlooking the marsh as well as plenty of casual living space in the family room that sits directly off the spacious eat-in kitchen. With beautiful custom cabinetry, stainless steel Bosch and GE profile appliances and walk-in pantry this kitchen allows for several cooks all at once. The center island features a breakfast bar but there's also room for table and chairs for those casual family meals. Or take your dinner outside on the screened-in porch and enjoy the gorgeous lush grounds that front the marsh and walking path. With porches stretching from end-to-end on the back of the home, there's plenty of space for grilling, dining, and lounging. Inside, the formal living room has built-in bookcases and cabinets flanking the gas fireplace and several glass-paneled doors which provide for plenty of light as well as access to the welcoming porches and marsh views. Pocket doors lead to the large dining room, perfect for accommodating big family gatherings. Beautiful Southern pine hardwood floors and tiered crown molding are found throughout. Also located on the first floor is the master bedroom suite, with its own fireplace and his and her walk-in closets as well as access to the back veranda. Upstairs are three guest bedrooms, one with its own bath, as well as a private study or office with access to the front balcony. A second story veranda overlooking the marsh is the perfect place to unwind. The third floor works wonderfully as a playroom or media room or extra guest bedroom. For peace of mind, you'll be thrilled with the completely sealed and enclosed crawlspace with temperature and moisture monitor. A separate two-car garage with workshop area complete the home. Located in the back of the neighborhood on a quiet cul-de-sac this house meets all the needs of a family looking for a home. Give me a call to schedule a viewing today.

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