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4/12/21
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MG Properties closed on an $88 mil multifamily purchase in the Inland Empire. The firm acquired The District at Grand Terrace, a 352-unit ($250k/unit) apartment project in Colton.
The property was sold by Tower 16 Capital Partners, who originally purchased the asset in 2019 for $63 mil ($179k/unit). During its two-year hold, the company performed a $2.6 mil capital improvement program, including interior unit renovations and enhancing several exterior amenities.
The District at Grand Terrace is located at 1316 S. Meadow Lane in Colton, within five miles of downtown Riverside and Loma Linda/Redlands. Colton is a strong submarket with average incomes of $72,000. The apartment complex is located near the I-215 Fwy and is four miles from the Loma Linda University Medical Center.
This marks Tower 16’s first disposition in 2021 with another Inland Empire sale closing later this month. Despite the two sales, Tower 16 is planning additional acquisitions in the Inland Empire with the goal of amassing a portfolio of 1,000 apartment units over the next 18 months. “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,” said Tower 16 Co-Founder Tyler Pruett.
Tyler Martin, Alex Garcia, Chris Zorbas and Chris Copenhaver of Institutional Property Advisors represented Tower 16 in the transaction.
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