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Wednesday, Oct 5, 2022
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Tower 16 Buys Moreno Valley Property

 Tower 16 Capital Partners based in Encinitas has acquired a Moreno Valley apartment complex for $85 million.

Built in 1986, Sorelle Apartments, 12159 Calle Sombra has 330 apartments.

 Tower 16 was represented by Ed Rosen of Berkadia’s San Diego office. NorthMarq helped secure debt financing for the buyer, led by Bryan Mummaw and Bryan Liu.

Tower 16 plans to spend nearly $5 million renovating the property.

“This acquisition marks our seventh property acquired in the Inland Empire market and brings our current portfolio in the Inland Empire market to over 1,000 units,” said Tyler Pruett, co-founder of Tower 16. “We are continuing to expand our presence in the Inland Empire market given the strong employment growth and attractive supply-demand imbalance coming out of the pandemic.”

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