May 27, 2016
San Francisco-based Fowler Property Acquisitions sold Tesoro Apartment Homes in Redlands, CA to an unnamed private investor for $27.75 million. The 188-unit garden-style community consists of 21 two-story, garden-style apartment buildings.
The nearly 98% occupied property is located near the University of Redlands, Citrus Plaza and Mountain Grove at Citrus Plaza retail center. The 11-acre property was divested from Fowler’s FPA Fund III, a valued-add fund that made 49 direct investments in multifamily communities from 2011 to 2013.
Institutional Property Advisors’ Stewart I. Weston, Christopher Zorbas, David Sperling, John Montakab, and Alexander Garcia represented the seller. Marcus & Millichap’s Tyler Leeson and Alex Mobin represented the buyer.