Tower 16 Capital Partners has sold The District at Grand Terrace, a 352-unit apartment project located in Colton, Calif. The buyer of the property is MG Properties.
The property was originally purchased in 2019 for $63.1 million and was sold this month for $88 million. During its two-year hold, the company performed a $2.6 million capital improvement program, which included interior unit renovations and enhancing several exterior amenities.
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 cofounder Tyler Pruett.
The District at Grand Terrace is loca
