District at Grand Terrace, a 352-unit multifamily property in Colton has been sold for $88 million.
Institutional Property Advisors, a division of Marcus & Millichap, negotiated the transaction, according to a statement.
Tower 16 Capital Partners, a commercial real estate brokerage in Encinitas, was the seller. MG Properties Group in San Diego was the buyer.
The purchase price was $250,000 per unit.
“Multifamily asset performance in the Inland Empire has been very strong, despite the pandemic,” said Alexander Garcia, Jr., Institutional Property’s executive managing director of investments, in the statement. “Year-over-year vacancy is just 1.8 percent.”
Built in 1980 and 1986, District at Grand Terrace has one, two and three-bedroom apartments with an average size of 872 square feet. It’s near Interstates 10 and 15 and is seven miles from downtown San Bernardino and 10 miles from Loma Linda University Medical Center.
Colton’s population increased from 52,500 to 55,000 between 2019 and 2020 and the city’s average annual household income went up from $54,903 to $62,974 during that time, according to the statement.