LOUISVILLE, KY – Stoneweg US, a real estate investment Company specializing in acquisitions and developments announced the Company s final acquisition for 2020 with the closing of Breckinridge Square. The acquisition, the sixth for Stoneweg US this year, will add an additional 294 units to the Company s portfolio currently totaled over 12,500 units. Breckinridge Square marks the Company s second acquisition in Louisville, Kentucky.
The acquisition of Breckinridge Square gives us an brilliant opportunity to increase our presence in the robust Louisville market that we ve witnessed experience tremendous growth first-hand, said Ryan Reyes, Chief Investment Officer for Stoneweg US. We reckon Louisville will continue its exorbitant growth and are excited about Breckinridge Square s future.
Built in 1972, Breckinridge Square is located 15 minutes from downtown Louisville which is home to major employers such as UPS, Humana Inc, and 2 Ford Motor Co. plants, contributing ~45,000 jobs to the Louisville MSA. The property features generous 1, 2, and 3-bedroom apartments across 20 two-tale buildings. The previous owner invested over $3MM in capital improvements at Breckinridge to increase property conditions and overall value.
Stoneweg US will commit an additional $2.2MM in capital expenditures to complete roof replacements, install modern kitchen appliances, add new vinyl plank flooring, and upgrade kitchens and baths with trendy backsplashes and updated countertops. Exterior grounds and amenities are scheduled for upgrades including a remodeled playground, a clubhouse kitchen, cozy firepits, and resort-style pool furniture. Updated property signage is also in the business plot for more consistent branding throughout.
Breckinridge Square is poised to deliver, if not exceed, the extremely positive results we ve seen with our other Louisville asset, Rollings Hills, said CEO Patrick Richard. We re looking forward to another success tale in Louisville.
The PMR Companies, who currently oversees operations at Rolling Hills, will also assume property management responsibilities at Breckinridge Square.

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SOUTH BEND, IN – Watermark Residential, a wholly owned affiliate of Thompson Thrift and one of the nation’s leading multifamily developers, announced the completed sale of The Villas on Fir, a 290-unit Class A, Huge House multifamily community in the South Bend-Mishawaka MSA to Gray Capital for an undisclosed price.
“The South Bend-Mishawaka area offered an opportunity to develop a quality site with best-in-class product in a market with limited new market rate competition,” said Brian Southworth, senior vice president, acquisition for Watermark Residential. “That combination provided for a successful lease up and allowed us make an opportunistic sale based on the appetite of capital chasing new construction.”
The Villas on Fir started welcoming residents in early 2019. The property is located at the southwest corner of Fir Road and the Indiana Toll Road and features Humphreys and Partners Architects modern Huge House design. The Huge House concept allows residents the luxuries of a single-family home, combined with the benefit of the maintenance-free lifestyle of a professionally managed multifamily community. Each of the one-, two- and three-bedroom homes includes a private front door, attached garage, a walk-out balcony or porch, gourmet bar-kitchens with quartz countertops and designer light fixtures, nine-foot ceilings and much more. Additionally, residents can delight in the community amenities such as the professionally decorated clubhouse, resort style swimming pool, community gardens, fitness trails, dog park and doggie spas and a 24-hour, state-of-the-art fitness center.
The strategic location of the property near the area’s major thoroughfares allows for simple access to the iconic University of Notre Dame and numerous high-end retail and dining options, all within five miles from the community. The Villas on Fir is also convenient for commuters, as it is near several of the region’s major employers, including Beacon Health System, AM General and St. Joseph Regional Medical Center.
“With limited land parcels available for development and comparable area properties 95 percent occupied, there remains strong demand for luxury multifamily communities in the South Bend-Mishawaka area,” said Josh Purvis, managing partner with Watermark Residential. “The Villas on Fir has been an unqualified success, and Watermark remains diligent in its pursuit of sites to develop across the Midwest.”
George Tikijian, Hannah Ott and John Baker of Cushman & Wakefield brokered the sale.
The Villas on Fir is just one of several Watermark communities located across the Midwest and the U.S. Since 2010, Watermark Residential has constructed more than 50 projects totaling in excess of 13,000 multifamily apartment homes. The company has consistently focused on developments in areas experiencing rapid job growth, increased rental demand and barriers to new supply.

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ANGELS CAMP, CA – A partnership between Auerbach Funds and Prado Senior Living, an affiliate of Mello Group LLC, has recently bought “Foothill Village”, an independent living, helped 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 helped living. The partnership has plotted 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 well loved 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 buy the asset off market during the height of COVID-19 pandemic. We are confident that our value-add initiatives, upgrades, and leasing strategy will make a better experience for our residents and their families, while also giving our investors upside potential. We are excited to partner with Wyatt Melloof 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 fantastic community, and it allows us to work with Auerbach Funds. We are keen 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.

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