Tower 16 Plans Multi-Million-Dollar Upgrades on $107M Acquisitions

San Diego-based Tower 16 Capital Partners recently acquired a two-property multifamily portfolio consisting of 504 units in Moreno Valley 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.”

Tower 16 intends to build a portfolio of more than 2,000 units in the Inland Empire market in the next several years.

Sienna Pointe Apartments is located at 13933 Chagall Ct. and has three pools. Heacock Park Apartments is located at 13325 Heacock St. Both properties are located within minutes of the I-215 and CA-60 freeways near the Centerpointe Industrial Area, March Air Reserve Base and Moreno Valley Mall as well as several large distribution centers along the I-215 corridor.

Tower 16 will be overseeing close to $10 million in upgrades and renovations at both properties including the addition of outdoor amenities.

“Both of these properties are essentially untouched and have tremendous opportunity for transformation,” said Mike Farley, Tower 16 co-founder. “Upon renovation, both properties will still be considered affordable for the residents of Moreno Valley.”

Tower 16 was represented by Brian Nelson of Colliers International alongside Nicole Parrish of Centurion Realty.