ANGELS CAMP, CA – A partnership between Auerbach Funds and Prado Senior Living, a subsidiary of Mello Group LLC, recently acquired Foothill Village, an independent housing, assisted living, and memory maintenance community in Angels Camp, CA.
Located at 1400 Foothill Village Drive, the hotel is a private, paid community specializing in assisted living for the elderly. The partnership has planned to revitalize and modernize the public areas in order to offer residents and their families a comfortable and modern living environment. These include additional restaurants for a "grab and go" concept, a lounge with views of the Sierra Nevada and additional outdoor amenities so that residents can take advantage of the favorable climate.
Foothill Village is located at the foot of the Sierra Nevada Mountains and southeast of Sacramento, CA. The area is 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 ability to raise business as we were able to acquire the asset off-market during the COVID-19 pandemic. We are confident that our value -add initiatives, upgrades, and leasing strategies will create a better experience for our residents and their families while providing upside potential for our investors. We are excited to work with Wyatt Mello of Mello Group LLC, a strong sponsor that I have worked with, to work with on multiple transactions over the past 8 years. "
"Foothill Village is an exciting opportunity for us on multiple levels. It will expand our operational footprint to California, revitalize a great community and allow us to work with Auerbach Funds. We are committed to being part of the Calaveras County Angels Camp Community and." look forward to cultivating meaningful relationships among residents, employees, family members and the wider community, "said Wyatt Mello, principal of Mello Group LLC.
This is the third acquisition since Auerbach Funds announced its first deal for Auerbach Opportunity Fund III in mid-October. The fund has a target size of $ 100 million and is currently open to new investors.
Source: Auerbach Funds / Prado Senior Living
