District at Grand Terrace
Photo courtesy of Tower 16 Capital Partners

District at Grand Terrace Photo courtesy of Tower 16 Capital Partners

Tower 16 Capital Partners based in Encinitas has sold a Colton, CA apartment complex to MG Properties based in Sorrento Valley for $88 million.

The District at Grand Terrace, 1316 S Meadow Lane, has 352 apartments.

Tower Capital bought the property in 2019 for $63 million and spent $2.6 million renovating it.

Tower 16 was represented by Tyler Martin, Alex Garcia, Chris Zorbas, and Chris Copenhaver of Institutional Property Advisors.

“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 Tyler Pruet, co-founder of Tower 16.