IE Business Daily Business news for the Inland Empire.
Two multifamily properties in Moreno Valley have been sold for $107 million.
Tower 16 Capital Partners in San Diego bought the 384-unit Sienna Pointe Apartments, 13933 Chagall Court and the 120-unit Heacock Park Apartments, 13325 Heacock St., according to a statement.
Both were purchased off-market from a private investor whose name was not disclosed.
“This acquisition marks our fifth and sixth properties acquired in the Inland Empire market and is another important step in our strategic growth in the market,” said Tower 16 co-founder Tyler Pruett in the statement. “We are still very bullish on the Inland Empire market fundamentals given the strong job and population growth coming out of the pandemic.”
Tower 16, which intends to build a portfolio of 2,000 units in Riverside and San Bernardino counties during the next few years, will spend about $10 million upgrading the Sienna Pointe and Heacock Park properties, according to the statement.
