The District at Grand Terrace
Photo courtesy of Institutional Property Investors

The District at Grand Terrace Photo courtesy of Institutional Property Investors

Tower 16 Capital Partners based in Carlsbad has acquired a Colton apartment complex for $63 million.

The District at Grand Terrace apartments at 1315-1316 S. Meadow Lane has 352 units.

Amenities include four pools and spas.

The seller was FPA Multifamily, LLC.

Representing the seller from Institutional Property Advisors (IPA) were Tyler J. Martin, vice president investments and senior managing directors Alexander Garcia Jr. and Christopher J. Zorbas. They also procured the buyer.

IPA is a division of Marcus & Millichap.

“Apartment transaction velocity has been steady in the Inland Empire over the past five years and the average sales price has increased by more than 60 percent since 2012,” Martin said.

Real estate reporter Ray Huard may be reached at rhuard@sdbj.com or 858-277-8904.