Tower 16 Capital Partners has acquired a 352-unit multifamily project from US property firm FPA Multifamily for $63m (€56.5m).

San Diego-based Tower 16 Capital said it has bought The District at Grand Terrace in Colton, California and will be overseeing $4m in renovations and upgrades to project.

The District at Grand Terrace features one-, two- and three-bedroom apartments. Alliance Residential will take over as property manager.

Tyler Pruett, principal at Tower 16 Capital, said: “The District at Grand Terrace fits very well with our investment strategy of purchasing assets below replacement cost in good locations with strong demand drivers.

Mike Farley, principal at Tower 16 Capital, said: “We are firm believers in the Inland Empire market given the strong job growth, limited new supply and overall occupancy projections for workforce housing.”

This is the firm’s sixth acquisition in the last 12 months having acquired over 2,000 units in that timeframe and its second purchase in Southern California’s Inland Empire region.