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, close to NASA’s Johnson Space Center.
JLL represented the seller, Dallas‑based Meridian Realty Advisors, in the transaction and also worked on the buyer’s behalf to secure financing. Chicago Pacific Founders obtained a $21.3 million, 10‑year floating‑rate loan through Freddie Mac, with servicing provided by JLL Real Estate Capital, a Freddie Mac Optigo lender.
Sited on nearly eight acres and totaling approximately 90,000 square feet, The Shores at Clear Lake comprises 66 assisted living units and 34 memory care units. Assisted living residences include studios and one‑ and two‑bedroom units with kitchenettes. Memory care offers a combination of private and shared units. The community provides a range of amenities such as a resident lounge, outdoor patio, courtyard, multiple dining areas and an on‑site movie theater. Memory care programming includes music and art therapy, pet therapy, support groups and family education. The community opened in late 2018 and had reached roughly 92 percent occupancy by September 2020.
Located in southeast Houston, the property is well positioned to benefit from ongoing growth in the 75+ population within its primary market area. It sits adjacent to Clear Lake, a waterfront neighborhood, and near NASA’s 1,700‑acre Johnson Space Center. The Shores at Clear Lake is also close to major healthcare providers, including 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 drew strong investor interest because of its desirable location, well‑maintained physical plant and solid operational performance even through the COVID‑19 pandemic,” said Bissell.
Chicago Pacific Founders, based in Chicago and San Francisco, is a private equity firm that focuses on investments in value‑based care innovation, healthcare services and businesses serving aging populations.
The Houston area is also seeing additional senior living development, including a new 112‑unit Law Harrington Senior Living Center and the nation’s largest LGBTQ‑affirming senior living center, signaling continued investment in diverse housing options for older adults.
May 25, 2021 Realty News Report Copyright 2021
Image: Courtesy JLL
File: Senior Living Community Sold
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