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5/18/21
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Tower 16 Capital Partners has acquired a two-property multifamily portfolio totaling 214 units in Colton for $41 mil ($191.6k/unit). The properties were acquired from a private seller in an off-market transaction.
One of the properties, 1333 Canyon Apartments is located at 1333 Reche Canyon Rd. Built in 1986, it has 104 units and features a leasing office, clubhouse, gym and pool.
The other property, Reche Ridge Apartments, is located at 2270 Cahuilla St. Built in 1985, the 110-unit asset includes covered parking, a clubhouse, gym and pool areas in a park-like setting.
Both properties are located within minutes of the I-215 and I-10 freeways with close proximity to the Loma Linda medical campus, Loma Linda College, University of Redlands as well as several large distribution centers such as Amazon and others.
“Tower16 is a big believer in the Colton market, having recently repositioned and sold another large asset in the immediate area,” said CBRE’s Zander. “They plan to implement a similar value-add strategy at Reche Ridge and 1333 Canyon.”
Tower 16 will be overseeing close to $4 mil in upgrades and renovations at both properties including modernized unit upgrades, new clubhouses, gyms and updated pool areas. The company will also be adding outdoor amenities including barbeques, seating and outdoor gaming areas.
“The Inland Empire continues to be a strong market for multifamily housing,” said Tower 16 Co-Founder Mike Farley. “We believe the demand drivers for multifamily housing will continue to grow in the coming years while new supply will remain very low. It’s likely this imbalance will result in strong rent growth in the submarket for the next several years.”
Stewart Weston and Dean Zander with CBRE represented the seller in the deal. Scott Peterson, Bill Chiles and Morgon Fraser of the San Diego CBRE Capital Markets team arranged $36.06 mil in debt financing on behalf of Tower 16.
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