Posted by: thepinetree on 01/05/2021 03:04 PM
Updated by: thepinetree on 01/05/2021 03:04 PM
Expires: 01/01/2026 12:00 AM
:
Angels Camp Housing Community Sold To Senior Living Group
Angels Camp, CA...Foothill Village, an independent living, assisted living and memory care senior living community in Angels Camp, Calif., has been acquired by a partnership between Auerbach Funds, Mello Group LLC and Prado Senior Living. Located at the base of the Sierra Nevada Mountain range, Foothill Village specializes in senior assisted living, with the community also offering independent living and memory care options.
The purchase will allow myriad renovations to take place at Foothill Village, including modernizing common areas, adding additional dining outlets to accommodate a “grab and go” concept, building a lounge that overlooks the Sierra Nevada Mountains, and adding outdoor amenities for residents to take advantage of the California climate.
“We’re excited to become a part of the Angels Camp community, and the fact we were able to complete this purchase despite the ongoing pandemic is a testament to our great team,” said Peter Auerbach, founder and managing partner of Auerbach Funds. “We are confident that, bolstered by our value-add and leasing strategy, we will be able to create a better experience for our tenants and their families while also allowing increased potential for our investors.”
Wyatt Mello, principal of Mello Group LLC, added, “We are eager to be a 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.”
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.
About Prado Senior Living
Prado Senior Living promotes independence, encourages care, and collaborates with family members and health care providers in an effort to elevate the senior living experience.
About Auerbach Funds
Auerbach Funds is a Charlotte, N.C.-based real estate private equity fund manager. Founded in 2016, Auerbach Funds manages over $300 million in total asset value, comprising 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.
|
