Fremont Hills is a licensed 120-bed residential care facility for the eldery located in Fremont, California. The 62,000 square foot community rests on 2.8 acres and provides a secured memory care area with an interior courtyard and waterfall. The building was acquired in a public auction through the purchase of a defaulted HUD note. Funding was secured through a joint venture partnership with a private equity fund. Formal ownership and title was secured through a deed-in-lieu. The building was relicensed with significant leasehold improvements, especially in the areas of lighting, color and common space. The community was repositioned with new community branding and increased occupancy from 50% to 93% prior to being sold to a pension fund.