Paul Runkle of Hendricks & Partners, who represented the buyer and the seller, tells GlobeSt.com that the new owner plans extensive renovations to the complex, which was built in 1973.

Runkle says the new owner has retained Cannon Management, which manages three other large apartment projects in Moreno Valley, to oversee the renovation project. The complex is of two-story, wood-frame stucco construction and was 97% occupied at the time of the sale. It includes 66 one-bedroom, one-bath apartments; 16 two-bedroom, one bath units; 48 three-bedroom, two-bath units; and the rest two-bedroom, two-bath units. The buyer assumed an existing Freddie Mac first mortgage and obtained a new second from Freddie Mac as well.

Runkle tells GlobeSt.com that the seller had owned the property for about three and a half years, during which development has increased substantially in Moreno Valley.

Part of that development, he says, is the extension of the section of Elsworth Street where the apartment complex is. Elsworth formerly was a dead-end street and residents of the complex had to navigate a series of side streets to reach the I-215 Freeway. But the extension of the street now offers easy access to the I-215 Freeway, he says, which will make the apartment property a more desirable location. Other improvements in the neighborhood include a new elementary school and a new park, he points out.