COLTON, CA – Commercial real estate investment and management company, Tower 16 Capital Partners, has sold a 352-unit multifamily property in Colton, CA. The property was purchased by the privately-held real estate investment firm, MG Properties for $88 million.
The apartment complex, the District at Grand Terrace, is located at 1316 S. Meadow Lane, within close proximity to downtown Riverside and Loma Linda/Redlands.
Tower 16 Capital Partners initially acquired the asset in 2019 for $63 million, prior to implementing a $2.6 million capital improvement program. The property renovations included enhancements to unit interiors and exterior amenities.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
