Foothill Village in Angels Camp is under new ownership, and upgrades are planned for the assisted living facility.
The property was recently acquired by a partnership between Auerbach Funds and Prado Senior Living, which is an affiliate of Mello Group LLC.
“The partnership has planned to revitalize and modernize common areas that will provide residents and their families with a comfortable and modern living environment,” a press release from Auerbach Funds reads. “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.”
Over the years, the assisted living and memory care community has become a popular retirement destination for residents of the Bay Area.
“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,” Founder and Managing Partner of Auerbach Funds Peter Auerbach said in the release. “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 eight years.”
“Foothill Village is an exciting opportunity for us on multiple levels,” Principal of Mello Group LLC Wyatt Mello said in the release. “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.”
Mello Group LLC is a family-owned private investment company based in California that focuses on real estate investments, development, management, consulting and brokerage, and its affiliate Prado Senior Living “promotes independence, encourages care, and collaborates with family members and healthcare providers to elevate the senior living experience,” the release reads.
Auerbach Funds, based in Charlotte, N.C., is a real estate private equity fund manager that “manages over $300 million in total asset value, comprising of over 3.7 million square feet, across three close-ended funds,” the release reads. “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.”