Institutional Property Advisors Brokers Inland Empire Multifamily Asset Sale for $88 Million
Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced today the sale of District at Grand Terrace, a 352-unit multifamily property in Colton, California.
"Multifamily asset performance in the Inland Empire has been very strong, despite the pandemic," said Alexander Garcia, Jr., IPA executive managing director investments. "Year-over-year vacancy is just 1.8 %." Garcia, Christopher J. Zorbas, IPA executive managing director investments, and Tyler J. Martin, Marcus & Millichap vice president investments, represented the seller, Tower 16 Capital Partners and procured the buyer, MG Properties Group. "The Inland Empire’s shutdown-resistant, medical- and logistics-heavy job market, limited new apartment construction, and lack of new supply support apartment owners," added Zorbas.