Tower 16 Capital Partners buys multifamily portfolio in the Inland Empire for $107m

Tower 16 Capital Partners has acquired a two-property multifamily portfolio consisting of 504 units in Moreno Valley, Calif., for $107.2 million.

The Sienna Pointe Apartments project consists of 384 units built in 1985, while the Heacock Park Apartments includes 120 units built in 1971. The properties were acquired from a private seller in an off-market transaction.

“This acquisition marks our fifth and sixth properties acquired in the Inland Empire market and is another important step in our strategic growth in the market,” said Tyler Pruett, Tower 16 co-founder. “We are still very bullish on the Inland Empire market fundamentals given the strong job and population growth coming out of the pandemic.”

Since its founding in 2017, Tower 16 has made similar moves into markets throughout the West, having acquired more than 4,600 units in California, Las Vegas, Phoenix, Tucson and Denver. The company seeks markets with increasing demand for workforce housi