Tower 16 Capital Partners has identified the Inland Empire as a high-growth multifamily market, and is planning to build a 2,000-unit portfolio in the region over the next several years. The firm has acquired a two-property 214-unit portfolio in Colton, California, for $41 million as part of the strategy.
Tower 16 purchased 1333 Canyon and Reche Ridge Apartments. 1333 Canyon is a 104-unit property built in 1986, while the Reche Ridge Apartments property has 110 units and was built in 1985. The company plans to invest an additional $4 million in capital improvements in both properties. The improvements will include a new clubhouses, fitness center, pool areas and the addition of barbeque areas, seating and outdoor gaming areas.
The investor purchased both properties in an off-market transaction from a private seller. Scott Peterson, Bill Chiles and Morgon Fraser of the San Diego CBRE Capital Markets team arranged debt financing on behalf of Tower 16. It currently has a 4,000-unit portfolio in the Western US, including California, Las Vegas, Arizona and Denver.
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Kelsi Maree Borland
