Tower 16 Capital Partners has acquired The Sorelle Apartments, a 330-unit apartment complex in Moreno Valley, for $85 million. The investor purchased the property from an unnamed seller in an off-market transaction.

Located at 12159 Calle Sombra in Moreno Valley, The Sorelle Apartments was built in 1986. It features a fitness center, playground and two pools. Tower 16 plans to invest $5 million to modernize the property. The capital improvements will include upgrades to the exterior common areas and amenities as well as the addition of barbecues, seating and outdoor gaming areas.

With this purchased, Tower 16 has built a portfolio of more than 1,000 units in the Inland Empire. The firm's co-founder Tyler Pruett says that they are attracted to the supply-demand dynamics and employment growth in the area.

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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
Leasing