COLTON, Calif.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/AlexanderGarcia?src=hash” target=”_blank”gt;#AlexanderGarcialt;/agt;–Institutional
Property Advisors (IPA), a division of Marcus
& Millichap (NYSE: MMI), announced today the sale of The
District at Grand Terrace, a 352-unit multifamily property in Colton,
California. The property sold for $63.05 million, which equates to
$179,119 per unit.
Alexander Garcia, Jr. and Christopher J. Zorbas, IPA senior managing
directors, and Tyler J. Martin, Marcus & Millichap vice president
investments, represented the seller, FPA Multifamily and procured the
buyer, Tower 16 Capital Partners.
“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,” said Martin.
The property is located at 1315-1316 S. Meadow Lane in Colton, just off
Interstate 215 and close to the San Bernardino Freeway. A Walmart
Supercenter, Cooley Market, Stater Bros. Market, 99 Cents Only and Rich
Dauer Pine Park are all less than a five-minute drive away. The
property’s unit mix includes one-, two- and three-bedroom apartments and
the community amenities include four swimming pools and spas.
About Institutional Property Advisors (IPA)
With a network of senior-level investment advisors located throughout
the United States and Canada, Institutional Property Advisors (IPA) is
qualified to meet the needs of institutional and major private
investors. IPA’s combination of real estate investment and capital
markets expertise, industry-leading technology, superior support
services and acclaimed research offer customized solutions for the
acquisition and disposition of institutional properties and portfolios. www.institutionalpropertyadvisors.com.
About Marcus & Millichap (NYSE: MMI)
With nearly 2,000 investment sales and financing professionals located
throughout the United States and Canada, Marcus & Millichap is a leading
specialist in commercial real estate investment sales, financing,
research and advisory services. Founded in 1971, the firm closed 9,472
transactions in 2018 with a value of approximately $46.4 billion. Marcus
& Millichap has perfected a powerful system for marketing properties
that combines investment specialization, local market expertise, the
industry’s most comprehensive research, state-of-the-art technology, and
relationships with the largest pool of qualified investors. To learn
more, please visit: www.MarcusMillichap.com.
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 www.fpamf.com.
Contacts
Gina Relva, Public Relations Director
925-953-1716
