The District at Grand Terrace The District at Grand Terrace

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.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

Inland Empire
Multifamily
Capital Markets