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Blue Heron Unveils Vegas Modern 001, a Visionary Home Designed to Inspire Joy, Wonder, and Emotional Well-Being

Blue Heron Unveils Vegas Modern 001, a Visionary Home Designed to Inspire Joy, Wonder, and Emotional Well-Being
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Tower 16 Capital Partners Announces Sale of 80-Unit Hillside Village Apartment Community for $16.5 Million in San Bernardino

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. ....

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Tower 16 Capital Partners Sells 352-Unit The District at Grand Terrace Apartment Community for $88 Million in Colton, California

ENCINITAS, CA - San Diego-based Tower 16 Capital Partners has successfully sold The District at Grand Terrace, a 352-unit apartment project located in Colton, Calif. The property was originally purchased in 2019 for $63,050,000 and was sold this month for $88 million. During its two-year hold, the company performed a $2.6 million capital improvement program including interior unit renovations and enhancing several exterior amenities.
“District at Grand Terrace was a phenomenal execution for Tower 16 and our primary LP investor,” said Tower 16 Co-Founder Mike Farley. “In just two years, we significantly enhanced the value of the property and transacted with one of the preeminent multifamily owners on the West Coast.” ....

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