IE Business Daily Business news for the Inland Empire.
CBRE has negotiated the sale of two multifamily properties in Colton.
Reche Ridge at 2270 Cahuilla St., and 1333 Canyon at 1333 Reche Canyon Road, sold for a combined $41 million in an off-market transaction, according to a statement released by the commercial real estate brokerage Wednesday.
The buyer was Tower 16 Capital Partners, a commercial real estate investment-management company in Encinitas. The seller was Logan Capital Advisors in San Diego.
CBRE represented Logan Capital and secured $36.06 million for acquisition and renovation of the properties on behalf of Tower 16.
Both complexes were built in the mid-1980s. Reche Ridge is three stories and 110 units, 1333 Canyon two stories and 104 units.
Logan Capital has spent about $1.5 million renovating the properties during the past six years, including upgrades to most of the units, according to the statement.
