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Tower 16 Capital Partners Purchases The District at Grand Terrace for $63 Million

May 20th, 2019


Commercial Real Estate Investment Firm Has Acquired More Than 2,000 Units in the Last 12 Months

San Diego-based Tower 16 Capital Partners has acquired The District at Grand Terrace, a 352-unit multifamily project in Colton, Calif., for $63,050,000. The project was acquired on an off-market basis from FPA Multifamily. Tower 16 will be overseeing $4 million in renovations and upgrades to the project including new outdoor amenities, an upgraded leasing office and interior renovations.

“The District at Grand Terrace fits very well with our investment strategy of purchasing assets below replacement cost in good locations with strong demand drivers,” said Tower 16 Tyler Pruett, principal.

This is the firm’s sixth acquisition in the last 12 months having acquired over 2,000 units in that timeframe and its second purchase in Southern California’s Inland Empire region.

Mike Farley, principal, continued, “We are firm believers in the Inland Empire market given the strong job growth, limited new supply and overall occupancy projections for workforce housing.”

The District at Grand Terrace is located at 1315 S Meadow Lane Colton, within five miles of downtown Riverside and Loma Linda/Redlands. Colton is a strong submarket with average incomes of $66,000. The apartment complex is located near the I-215 freeway and is four miles from the Loma Linda University Medical Center.

The District at Grand Terrace features one-, two- and three-bedroom apartments with covered parking and private balconies or patios, four pools, a fitness center, two laundry facilities, two playgrounds and a leasing office.

Alliance Residential, a national multifamily real estate management firm, will take over as property manager. Tyler Martin, Alex Garcia and Chris Zorbas of Institutional Property Advisors represented both the buyer and seller in the transaction. Scott Peterson and Bill Chiles with CBRE’s Capital Markets team in San Diego handled placement of the financing on behalf of Tower 16.

About Tower 16 Capital Partners LLC

Tower 16 Capital Partners, LLC is a commercial real estate investment and management company focused on acquiring and managing value-add investments in the Western United States. Headquartered in Carlsbad, Calif., Tower 16 was founded by principals Mike Farley and Tyler Pruett who have over 35 years of combined institutional real estate experience with an emphasis on value-add investing. The principals have managed, repositioned and developed over 300 properties with a combined market value in excess of $2 billion for large public companies and premier private equity firms.

About FPA Multifamily, LLC

The seller is an affiliate of FPA Multifamily, LLC. FPA Multifamily, LLC is a private equity real estate firm focused on the acquisition, renovation and management of both core plus and work force housing apartment communities. Founded in 1985, FPA has owned over 104,000 apartment units valued at over $11.0 billion. FPA is currently investing through its value-add focused FPA Apartment Opportunity Fund VI which will acquire approximately $1.8 billion of assets and its core plus focused FPA Core Plus Fund IV which will acquire approximately $1.4 billion of assets. Headquartered in San Francisco, FPA also has offices in Irvine, Portland, Denver, Minneapolis, Dallas and Atlanta. For more information, please visit


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