Granite Investment Group Sells Senior Housing in Metro Austin for $23.4M

GEORGETOWN AND PFLUGERVILLE, TEXAS — Granite Investment Group has sold two senior housing properties near Austin for $23.4 million. The sale included Park Place Care Center and Assisted Living, a senior care campus that includes a 116-bed skilled nursing facility and a 48-bed assisted living facility in Georgetown. Built in 1997 on nearly seven acres, Park Place offers 24-hour skilled nursing care, short- and long-term rehabilitation, 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 $9.2 million. The second property in the transaction is Pflugerville Care Center, an 111-bed skilled nursing facility built in 1991 on 3.2 acres. The facility provides residents with short- and long-term rehabilitation care. An affiliate of Granite Investment Group originally purchased the property in 2005 for $9.1 million. Mark Myers and Joshua Jandris of Institutional Property Advisors, a division of Marcus & Millichap, brokered the transaction.