Granite Investment announces AL buy

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Granite Investment Group has acquired a 48-unit assisted living facility in the Kansas City suburb of Shawnee, KS. The transaction was completed at an all-in cap rate of approximately 8.4%.

The building was purchased in a sale-leaseback transaction from Shawnee Heartland Assisted Living Inc., which has operated the facility since its construction in 2000.

It sits on four acres of land with availability for expansion and features one- and two-bedroom units.

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