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5/21/19
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San Diego-based Tower 16 Capital Partners has acquired The District at Grand Terrace, a 352-unit multifamily project in Colton, for $63.05 mil ($179k/unit). The project was acquired on an off-market basis from FPA Multifamily and financed with a $48.2 mil acquisition loan.
The District at Grand Terrace is located at 1315 S Meadow Lane in Colton, within five miles of downtown Riverside and Loma Linda/Redlands. Colton is a strong submarket with average incomes of $66,000. The apartment complex is located near the I-215 Fwy and is four miles from the Loma Linda University Medical Center.
The District at Grand Terrace features one-, two- and three-bedroom apartments with covered parking and private balconies or patios, four pools, a fitness center, two laundry facilities, two playgrounds and a leasing office. Tower 16 will be overseeing $4 mil in renovations and upgrades to the project including new outdoor amenities, an upgraded leasing office and interior renovations.
Mike Farley, Tower 16 principal, noted that the company is a firm believer in the Inland Empire market given the strong job growth, limited new supply and overall occupancy projections for workforce housing. This is the firm’s sixth acquisition in the last 12 months having acquired over 2,000 units in that timeframe and its second purchase in Southern California’s Inland Empire region.
Alliance Residential, a national multifamily real estate management firm, will take over as property manager. Tyler Martin, Alex Garcia and Chris Zorbas of Institutional Property Advisors represented both the buyer and seller in the transaction. Scott Peterson and Bill Chiles with CBRE’s Capital Markets team in San Diego handled placement of the financing on behalf of Tower 16.
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