Tower 16 Capital Partners based in Encinitas has acquired a pair of apartment complexes in Moreno Valley for $107.2 million.
The projects are Sienna Pointe Apartments, 13933 Chagall Court, with 384 apartments built in 1985, and Heacock Park Apartments, 13325 Heacock St., with 120 apartments built in 1971.
The seller was not disclosed.
“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 Tower 16 Co-Founder Tyler Pruett. “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 plans to make nearly $10 million in renovations at both properties including modernized unit upgrades, new clubhouses, gyms, and updated pool areas. The company will also be adding outdoor amenities including barbeques, seating, and outdoor gaming areas.