Austin, TX -- (ReleaseWire) -- 05/11/2015 -- Granite Investment Group announced today that, through an affiliate, the company has sold two senior housing properties near Austin, Texas, for $23.4 million.

"We are very pleased with our investment in these senior housing properties, which are each well-located in the Austin – Round Rock metropolitan area, the 35th largest metropolitan area in the U.S., and provide a variety of amenities and care to residents," said Scott Rickard, chief investment officer with Granite Investment Group.

The sale included Park Place Care Center and Assisted Living, a senior care campus comprised of a 116-bed skilled nursing facility and a 48-bed assisted living facility in Georgetown. Built in 1997 on nearly 7 acres of land, Park Place offers 24-hour skilled nursing care, short- and long-term rehabilitation, well-appointed common areas, private and semi-private rooms, activity directors, spiritual care and an order-by-menu dining program. An affiliate of Granite Investment Group originally purchased the property in 2007 for approximately $9.2 million.

The second property in the transaction is Pflugerville Care Center, a 111-bed skilled nursing facility built in 1991 on approximately 3.2 acres of land. The facility provides residents with short- and long-term rehabilitation care, two therapy gyms and gardens, tracheotomy, intravenous care and wound care. The center also offers a spiritual care program with an on-site chaplain and an order-by-menu dining program. An affiliate of Granite Investment Group originally purchased the property in 2005 for approximately $9.1 million.

Mark Myers and Joshua Jandris of Institutional Property Advisors, a division of Marcus & Millichap, brokered the transaction.

About Granite Investment Group
Granite Investment Group currently manages a portfolio of commercial real estate assets valued in excess of $500 million, based on purchase price, primarily comprised of senior housing facilities. Based in Irvine, California, Granite is a privately held investment management firm that has bought and sold approximately $1.5 billion of commercial real estate equity and debt on behalf of thousands of investors since 1995. To learn more about Granite Investment Group, please visit http://www.graniteinvestment.com.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Kansas City, KS -- (ReleaseWire) -- 03/19/2015 -- Granite Investment Group announced today the company recently acquired a 48-unit assisted living facility in the Kansas City suburb of Shawnee, Kansas. The transaction was completed at an all-in cap rate of approximately 8.4 percent and features a long-term bond net lease that expires in 2030.

Located at 16207 Midland Drive, the single-story building was purchased in a sale-leaseback transaction from Shawnee Heartland Assisted Living Inc., which has operated the facility since its construction in 2000.

The 32,388-square-foot building rests on approximately 4 acres of land with availability for expansion and features well-appointed one- and two-bedroom units, as well as a landscaped courtyard for the enjoyment of residents and their visitors. Additional community amenities include a beauty shop, activity room, hearth room and television lounge, laundry area, dining room and commercial kitchen with a head chef on staff.

"This community is an exceptionally well maintained and managed senior care facility in the midst of an affluent suburb of Kansas City with a growing population of senior citizens," said Humair Sabir, vice president of acquisitions with Granite. "We have partnered with an operator that enjoys an enviable track record of patient care and service who has also proven themselves adept at fiscal management. As such, this acquisition is an ideal addition to Granite Investment Group's growing portfolio of senior housing."

Ben Firestone, Jacob Gehl, and Mike Segal of Blueprint Healthcare Real Estate Advisors represented the seller in the transaction. HUD bridge financing was provided by GE Capital, Healthcare Financial Services.

About Granite Investment Group
Granite Investment Group currently manages a portfolio of commercial real estate assets valued in excess of $500 million, based on purchase price, primarily comprised of senior housing facilities. Based in Irvine, California, Granite is a privately held investment management firm that has bought and sold approximately $1.5 billion of commercial real estate equity and debt on behalf of thousands of investors since 1995.

To learn more about Granite Investment Group, please visit http://www.graniteinvestment.com

Contacts:
Julie Leber
Spotlight Marketing Communications
949-427-5172, ext. 703
julie@spotlightmarcom.com

Jill Swartz
Spotlight Marketing Communications
949-427-5172, ext. 701
jill@spotlightmarcom.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm