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8/06/21
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San Diego-based Tower 16 Capital Partners has acquired a two-property multifamily portfolio consisting of 504 units in Moreno Valley for $107.2 mil ($212.7k/unit). The properties were acquired from a private seller in an off-market transaction.
Sienna Pointe Apartments, Moreno Valley |
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The transaction includes Sienna Pointe Apartments, a 384-unit property built in 1985, and Heacock Park Apartments, a 120-unit asset built in 1971. The purchases represent Tower 16’s fifth and sixth properties acquired in the Inland Empire market.
Sienna Pointe Apartments is located at 13933 Chagall Ct in Moreno Valley. The property includes a leasing office, clubhouse, playground and three pools. Heacock Park Apartments is located at 13325 Heacock St, also in Moreno Valley. The property boasts covered parking, a playground, laundry facilities and a pool with spa. Both properties are located within minutes of the I-215 and CA-60 freeways with close proximity to the Centerpointe Industrial Area, March Air Reserve Base, Moreno Valley Mall as well as several large distribution centers along the I-215 corridor.
Tower 16 will be overseeing close to $10 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.
Since its founding in 2017, Tower 16 has acquired over 4,600 units in California, Las Vegas, Phoenix, Tucson and Denver. According to company executives, Tower 16 intends to build a portfolio of over 2,000 units in the Inland Empire market over the next several years.
Tower 16 was represented by Brian Nelson of Colliers International alongside Nicole Parrish of Centurion Realty.
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