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RANCHO CORDOVA, CA-A 72-unit apartment complex has changes hands in Rancho Cordova for a reported $2.96 million.

James and Gloria Gonzales bought the Moraine Gardens apartment community, located at 2348-2416 Moraine Circle, from Eric Strauss. James Pagonis of Marcus & Millichap represented the seller and Nadine Gochez of Clayton-based Rath Realtors represented the buyer in the transaction.

Pagonis told GlobeSt.com that the property was on the market for only eight weeks, during which time the seller received eight offers.

“It’s a basic bread and butter property that was completely renovated by the previous owner,” says Pagonis. “It’s in a clean and quiet neighborhood. The exteriors, roof, landscaping and barbeque areas have been completely redone.”

Pagonis says that the property has some rental upside, as rents are about 5% below market value. The 1- to 2-bedroom units are rented out for approximately $475-$595 per unit. The property is fully occupied.

The lender was Washington Mutual, which offered a fixed interest rate of 7.3%.

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