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Colton Apartments Fetch $5.5 Million

SAN DIEGO-Seller Starpoint Properties LLC reports a gain of 107% on the property, which it originally purchased in September 2001 for $4 million. Built in 1968, the complex houses 129 units.

By Erin Cassin | Updated on March 26, 2003

SAN DIEGO-An LLC has reported a gain of 107% on a Colton apartment property that it has recently sold, in the latest sign that the Inland Empire multifamily market is holding steady.

The seller, Starpoint Properties LLC, originally purchased the asset in September 2001 for $4 million. Just 18 months later, Starpoint has sold the apartment complex to a non-profit, low-income bond operator for $5.5 million.

Constructed in 1968, the property is currently under a HUD contract. It houses 129 apartments, with a mix of one-bedroom, two-bedroom and three-bedroom units.

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