AUSTIN--Granite Investment Group, through an affiliate, has sold two senior housing properties near Austin for $23.4 million.

“In general, there is significant demand for senior housing throughout the United States as a result of the rapid aging of the population,” Jason Price, senior vice president of Seniors Housing with Granite Investment Group, told GlobeSt.com. “Market demand for these specific properties was particularly attractive and afforded us an excellent time in the investment cycle to sell these assets on behalf of our investors.”

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, 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.

Pflugerville Care Center is 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.