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Tower 16 Capital Partners acquires Colton, Calif., apartment complex

Commercial real estate investor Tower 16 Capital Partners bought The District at Grand Terrace in Colton, Calif., in an off-market deal worth approximately $63.1 million.

The 352-unit apartment complex was sold by an affiliate of real estate investor FPA Multifamily LLC.

Tower 16 will oversee a $4 million upgrade of the project at 1315 S. Meadow Lane Colton, including new outdoor amenities, a modernized leasing office and interior renovations.

Multifamily real estate manager Alliance Residential will serve as the property manager. Institutional Property Advisors represented Tower 16 and FPA Multifamily in the deal, while CBRE's Capital Markets team handled placement of the deal's financing for Tower 16.