Tower 16 Picks Up San Bernardino Apartments for $63M

Tower 16 Capital Partners, a San Diego-based investor, has acquired the District at Grand Terrace in Colton for $63 million in an off-market transaction from FPA Multifamily. The District at Grand Terrace is a 352-unit multifamily project near downtown Riverside and Loma Linda/Redlands.

Tower 16 plans to invest an additional $4 million in renovations and upgrades. The property has a mix of one-, two- and three-bedroom amenities, and features covered parking and private balconies or patios, four pools, a fitness center, two laundry facilities, two playgrounds.

Tyler Martin, Alex Garcia and Chris Zorbas of Institutional Property Advisors represented both the buyer and seller in the transaction. Scott Peterson and Bill Chiles with CBRE’s capital markets team in San Diego handled placement of the financing on behalf of Tower 16.