IE Business Daily Business news for the Inland Empire.
The District at Grand Terrace, a 352-unit apartment complex in Colton has been sold for $88 million.
Tower 16 Capital Partners in San Diego, which spent two years and $2.6 million renovating the property, was the seller, according to statement released today.
The buyer was MG Partners, a San Diego-based real estate investment firm.
“District at Grand Terrace was a phenomenal execution for Tower 16 and our primary LP investor,” said Tower 16 co-founder Mike Farley in the statement. “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.”
The apartment complex is at 1316 S. Meadow Lane near Interstate 215.
