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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"District at Grand Terrace was a phenomenal execution for Tower 16 and our primary LP investor," states Mike Farley, Tower 16 co-founder. "In just two years, we significantly enhanced the value of the property and transacted with one of the preeminent multifamily owners on the West Coast."
Institutional Property Advisors' Tyler Martin, Alex Garcia, Chris Zorbas and Chris Copenhaver represented Tower 16 Capital Partners in the disposition.
The recent transaction serves as Tower 16 Capital Partners' first disposition of 2021.
With the mission to cultivate a 1,000-unit portfolio within the next 18 months, the company is planning additional acquisitions in the Inland Empire.
"We believe the Inland Empire will continue to be a strong market for workforce housing due to the growing job base and high barriers to entry for new construction," says Tyler Pruett, Tower 16 co-founder.
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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.
