California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Tower 16 Claims Colton MF for $63M
Connect Apartments is planned next month in Los Angeles. You can get more information and register to attend on this link.
San Diego-based Tower 16 Capital Partners acquired The District at Grand Terrace, a 352-unit multifamily project in Colton, CA for more than $63 million. The project was acquired in an off-market basis from FPA Multifamily.
The new owner plans to execute $4-million in renovations and upgrades to the project at 1315 S Meadow Lane, including new outdoor amenities, an upgraded leasing office and interior renovations.
Tower 16 Tyler Pruett says, “The District at Grand Terrace fits very well with our investment strategy of purchasing assets below replacement cost in good locations with strong demand drivers.”
Institutional Property Advisors’ Tyler Martin, Alex Garcia and Chris Zorbas represented both the buyer and seller. CBRE’s Scott Peterson and Bill Chiles handled placement of the financing on behalf of Tower 16.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition




