IE Business Daily Business news for the Inland Empire.
A large apartment complex in Colton has been sold.
The District at Grand Terrace, a 352-unit multifamily property at 1315-1316 S. Meadow Lane, sold recently for $63 million, according to a statement.
Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, FPA Multifamily Real Estate Investment Firm in Irvine. Institutional Property also arranged for the buyer, Tower 16 Capital Partners, a commercial real estate investment and management company in Carlsbad.
The purchase price was nearly $180,000 per unit.
The complex is just off Interstate 215 and near Interstate 10. A Walmart Supercenter, Cooley Market, Stater Bros. Market, 99 Cents Only and Rich Dauer Pine Park are nearby.
The property’s unit mix includes one-, two- and three-bedroom apartments with four swimming pools and several spas, according to the statement.
