Auerbach Funds and Prado Senior Living have acquired Foothill Village, an assisted living and memory care community in Angels Camps, California. No financial terms were disclosed.
CHARLOTTE, N.C., Dec. 17, 2020 /PRNewswire/ — A partnership between Auerbach Funds and Prado Senior Living, an affiliate of Mello Group LLC, has recently acquired “Foothill Village”, an independent living, assisted living and memory care community in Angels Camp, CA.
Located at 1400 Foothill Village Drive, the property is a private pay community specializing in senior assisted living. The partnership has planned to revitalize and modernize common areas that will provide residents and their families with a comfortable and modern living environment. This includes adding additional dining outlets to accommodate a “grab and go” concept, a lounge that overlooks the Sierra Nevada Mountains, and added outdoor amenities for residents to take advantage of the favorable climate.
Foothill Village is situated at the base of the Sierra Nevada Mountain range and southeast of Sacramento, CA. The area has been notoriously known as a popular retirement destination for Bay Area residents.
Peter Auerbach, Founder and Managing Partner of Auerbach Funds, stated, “This acquisition is another example of our deal sourcing capabilities, as we were able to acquire the asset off market during the height of COVID-19 pandemic. We are confident that our value-add initiatives, upgrades, and leasing strategy will create a better experience for our residents and their families, while also giving our investors upside potential. We are excited to partner with Wyatt Mello of the Mello Group LLC, a strong sponsor whom I’ve worked with on multiple transactions over the past 8 years.”
“Foothill Village is an exciting opportunity for us on multiple levels. It will expand our operating footprint to California, re-energize a great community, and it allows us to work with Auerbach Funds. We are eager to be part of the Calaveras County and Angels Camp community, and look forward to fostering meaningful relationships between residents, staff, family members, and the larger community,” said Wyatt Mello, Principal of Mello Group LLC.
This marks the third acquisition since Auerbach Funds announced its first close in mid-October for Auerbach Opportunity Fund III. The fund has a target size of $100 million and is currently open to new investors.
About Mello Group LLC
Mello Group LLC is a California based family-owned private investment company focusing on real estate investments, development, management, consulting, and brokerage. Prado Senior Living, an affiliate of Mello Group, promotes independence, encourages care, and collaborates with family members and healthcare providers to elevate the senior living experience.
About Auerbach Funds
Auerbach Funds is a Charlotte, North Carolina based real estate private equity fund manager. Founded in 2016, Auerbach Funds manages over $300 million in total asset value, comprising of over 3.7 million square feet, across three close-ended funds. Auerbach’s opportunistic funds seek to make real estate investments across the U.S. that are distressed, mismanaged or underperforming assets within the multifamily, retail, senior housing and specialty classes.
For more information visit: www.auerbachfunds.com