ENCINITAS, CA - San Diego-based Tower 16 Capital Partners has successfully sold The District at Grand Terrace, a 352-unit apartment project located in Colton, Calif. The property was originally purchased in 2019 for $63,050,000 and was sold this month for $88 million. During its two-year hold, the company performed a $2.6 million capital improvement program including interior unit renovations and enhancing several exterior amenities.
“District at Grand Terrace was a phenomenal execution for Tower 16 and our primary LP investor,” said Tower 16 Co-Founder Mike Farley. “In just two years, we significantly enhanced the value of the property and transacted with one of the preeminent multifamily owners on the West Coast.”
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