Investment Overview

We are pleased to present this offering of a new assisted living and memory care development located in a growing market of Clear Lake and part of the Houston MSA. The site was originally planned for six buildings (five residential cottages and one community center), an assisted living and memory care campus providing a total of 70 units / 110 beds. The current offering includes the completion of three buildings (two residential buildings and one community center) with a total of twenty-eight units and forty-four licensed beds. The three buildings have a combined 26,979 square feet. The site is situated on approximately 5.43 acres and has improvements made to the grounds of concrete parking lots, driveways and detention pond. A new owner has the ability to continue with the cottage model or do one large facility of independent, assisted living or memory care. The facility is located near the entrance of The Reserves at Clear Lake Subdivision with home prices ranging in the $500,000 to $1,000,000 plus. It is located on Space Center Boulevard, a well traveled roadway into the heart of Clear Lake to the south and to the north into Deer Park & Pasadena with several commercial and residential developments. The facility is near Ellington Field Airport which supports the US military, NASA and a variety of general aviation tenants. Ellington Field is now also home to the Houston Spaceport, the nation's 10th commercial spaceport. The average household income within a one mile radius is over $190,000. The population within a five mile radius is over 190,000 residents. The 75 and older age cohort is over 9,500 residents (with a median income over $44,000) and projected to grow by 29 percent by 2026. This opportunity offers a buyer the ability to purchase a new assisted living and memory care development without the typical time frame of new development projects giving a quicker return on their investment. They can also either expand the campus as originally intended or with a larger building providing the opportunity for higher returns. If you have any questions or would like to arrange a site visit, please contact the Marcus & Millichap agent who provided you the offering memorandum.