IE Business Daily Business news for the Inland Empire.
Two multifamily developments in Colton have been sold for $41 million.
Reche Ridge and 1333 Canyon, two projects with a combined 214 units, were purchased by Tower 16 Capital Partners in an off-market transaction, according to a statement.
The seller, Logan Capital Partners, was represented by CBRE.
Reche Ridge is a 110-unit, three-story development at 2270 Cahuilla Street. 1333 Canyon is a 104-unit, two-story community at 1333 Reche Canyon Road. The garden-style properties, built in 1985 and 1986, respectively, are within the Reche Canyon hillside.
Logan Capital Advisors has invested nearly $1.5 million during the last six years, including improvements to most of the units, the fitness center, pool, signs, driveways and landscaping.
“Tower16 is a big believer in the Colton market, having recently repositioned and sold another large asset in the immediate area,” said Dean Zander, executive vice president with CBRE and a member of the negotiating team, in the statement. “They plan to implement a similar value-add strategy at Reche Ridge and 1333 Canyon.”
