SAN DIEGO – June 6, 2022 – Berkadia announced today the sale of Celsius, a 102-unit luxury-style multifamily property located in the Lemon Grove neighborhood of San Diego, California.
ENCINITAS, CA - Tower 16 Capital Partners has sold Hillside Village Apartments, an 80-unit multifamily project in San Bernardino, for $16.5 million. The property was purchased in January 2019 for $11 million in an off-market transaction. Tower 16 recently sold another Inland Empire property, The District at Grand Terrace, for $88 million.
“We made major improvements to the Hillside Village project during our ownership,” said Tower 16 Co-Founder Tyler Pruett. “That allowed us to achieve our business plan relatively quickly. Despite this sale, we plan on re-investing in multifamily properties throughout the Inland Empire over the next several years.”
Hillside Village is located at 2196 Kendall Drive in San Bernardino, within one mile of California State University, San Bernardino, a strong submarket with median incomes over $57,000. The apartment complex is near parks, shopping centers, freeways, Loma Linda and Victoria Gardens.