Tower 16 Capital Partners Buys 352-Unit Multifamily Project in California for $63M
COLTON, CALIF. — San Diego-based Tower 16 Capital Partners has acquired The District at Grand Terrace, a multifamily community located at 1315 S. Meadow Lane in Colton. FPA Multifamily sold the asset for $63 million in an off-market transaction.
The District at Grand Terrace features 352 units in a mix of one-, two- and three-bedroom layouts with covered parking and private balconies or patios, four pools, a fitness center, two laundry facilities, two playgrounds and a leasing office.
The buyer will oversee renovations and upgrades to the property, including new outdoor amenities, an upgraded leasing office and interior renovations. Alliance Residential will take over as property manager.
Tyler Martin, Alex Garcia and Chris Zorbas of Institutional Property Advisors, a division of Marcus & Millichap, represented the buyer and seller in the deal. Scott Peterson and Bill Chiles of CBRE’s Capital Markets team in San Diego handled placement of the financing on behalf of Tower 16.