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.