Senior Living Community Sells to Chicago Pacific Founders

The Shores at Clear Lake, a 100-unit senior living community in Houston, recently changed hands and received $21.3 million in financing along the way. Chicago Pacific Founders purchased the asset.

Sitting on almost 8 acres and totaling nearly 90,000 square feet, The Shores at Clear Lake offers 66 assisted living and 34 memory care units. The community opened in late 2018 and had reached 92 percent occupancy by September 2021.

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

JLL worked on behalf of the seller, Meridian Realty Advisors, to complete the sale. The seller team was led by Charley Bissell and Brian Carlton. Financing was led by Allison Holland.

JLL also represented the buyer to secure the 10-year floating-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital LLC, a Freddie Mac Optigo lender.

“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.