Granite Sells Plot in California to Seniors Housing Developer for $5.7M

by Jeff Shaw

PALM DESERT, Calif. — An affiliate of Granite Investment Group has sold 6.8 acres of land in Palm Desert for $5.7 million to WL Palm Desert Property LLC, a wholly owned subsidiary of seniors housing developer and operator West Living LLC.

West Living has designed a prominent 150-unit assisted living facility, with a memory care component, which it will construct on the property.

Located at the southwest corner of the intersection at Country Club Drive and Portola Avenue, an additional 6.4 acres of land zoned for seniors-related use remains available for sale.

Based in Irvine, Calif., Granite Investment Group currently manages a portfolio of commercial real estate assets valued at approximately $540 million, primarily comprised of seniors housing communities that offer a total of 4,442 licensed beds.

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