Senior Living Community Sold

HOUSTON – (Realty News Report) – Chicago Pacific Founders has acquired The Shores at Clear Lake, a 100-unit senior living community in southeast Houston.

The property is located on Space Center Boulevard near NASA’s Johnson Space Center.

JLL worked on behalf of the seller, Dallas-based Meridian Realty Advisors, to complete the sale to Chicago Pacific Founders. JLL also represented the buyer to secure $21.3 million financing with a 10-year, floating-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, a Freddie Mac Optigo lender.

Sitting on almost eight acres and totaling nearly 90,000 SF, The Shores at Clear Lake offers 66 assisted living and 34 memory care units. The assisted living units feature studio, one- and two-bedroom units with kitchenettes; and the memory care units include a mix of shared and private units. The Shores at Clear Lake also features community amenities, including a lounge, outdoor patio, courtyard, multiple dining areas and a movie theater; and memory care services, such as music, art and pet therapy, support groups, and family education. The community opened in late 2018 and had reached 92 percentt occupancy by September of 2020.

Located in southeast Houston, the property is expected to continue benefiting from the growing 75+ population within the primary market area. The property is situated adjacent to Clear Lake, a waterfront community, and NASA’s 1,700-acre Johnson Space Center. The Shores at Clear Lake is also near key healthcare facilities, including the Houston Methodist Clear Lake Hospital, Houston Physicians Hospital and HCA Houston HealthCare Clear Lake.

The JLL Capital Markets team representing the seller was led by Managing Director Charley Bissell and Senior Managing Director Brian Carlton. Financing was led by Managing Director Allison Holland.

“The Shores at Clear Lake garnered significant interest from investors due to the quality of the location and physical plant, and the strong performance of the property even during the COVID-19 pandemic,” said Bissell

Based in Chicago and San Francisco, Chicago Pacific Founders is a private equity firm focused on investing in growth companies within value-based care innovation, healthcare services, and caring for aging populations.

A number of new seniors living facilities are being built in the Houston area including the 112-unit Law Harrington Senior Living Center, the nation’s largest LGBTQ-affirming senior living center.

May 25, 2021 Realty News Report Copyright 2021

Image: Courtesy JLL

File:  Senior Living Community Sold

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