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Friday, Jan 27, 2023
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Tower 16 Sells Apartment Complex

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.

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“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.

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