Tower 16 Capital Partners Sells CA Multifamily for $88M
The 352-unit apartment complex was purchased by MG Properties, following a $2.6 million capital improvement program implemented by Tower 16 Capital Partners.
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.
“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.