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Tesoro plan adding 300 apartments

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Tesoro plan adding 300 apartments

Discarded tires are on the site of Manteca's next apartment complex - Tesoro - planned east of Paseo Apartments along Atherton Drive.

HIME ROMERO/The Bulletin

POSTED January 18, 2009 1:15 a.m.
Manteca’s most prestigious apartment address in early 2010 could be a real treasure.

Tesoro — Spanish for treasure — is the name given the 300-unit complex AKF Development is in the process of securing financing immediately east of the 296-unit Paseo Villas.

 “It will be even nicer than Paseo,” said Bill Filios of AKF Development.

The necessary appraisal work was completed last week by the lender. The partners should know within a few weeks whether financing will be in place. Originally, they had hoped to start work in the early part of 2008 but then the foreclosure meltdown severely impacted credit markets.

“Banks are being extremely cautious with their approval process,” Filios noted.

They have already lined up favorable bids and have secured city approval of construction plans.

“Our property management people have told us that the market for apartment is strong in Manteca,” Filios said.

It would take 18 months to complete the project. Filios said the first apartment units and clubhouse could be completed within eight months after work is started. Major services such as sewer and water lines are already stubbed off. Atherton Drive is also in place allowing a somewhat faster construction schedule.

AKF built the last major apartment complex in Manteca — Paseo – that opened in 2005.  At the time, it was the first complex built in 15 years in Manteca.

Paseo, though, isn’t a run-of-the-mill apartment complex. It is considered luxury living complete with concierge service, organized activities, and an on-site movie room with theatre seating inside the clubhouse, plus its own park.

Paseo is aimed at young professionals as well as older singles and couples that want something more than a typical apartment and a lifestyle that a single family home doesn’t offer.

AKF also appears to be the only developer in a position to proceed with an apartment complex when sewer allocations become available again in 2011. The partnership is moving forward with the 217-acre Yosemite Square Business Park on the northwest corner of the Highway 120/Highway 99 interchange. The property is within the city limits and environmental studies are being processed at city hall.

It includes 314,000 square feet of office space, 414 condos plus 312 apartments, 158,200 square feet of retail, plus 335 homes and 28 estate-style lots.

Another 312 apartments would give AKF 910 units or 22.5 percent of the inventory assuming no other complexes is built. And there is a possibility those 414 condos could also be apartments depending upon the market conditions at the time they are developed.

AKF would control even more apartments in Manteca if they hadn’t made the decision back in 1992 to see Park Place Apartments on Crom Street after they were built.

Manteca apartment units went from 2,840 in 1992 to 3,124  by 2003. At the same time the number of single family homes went from 10,303 to 15,488. As of the end of 2007, there were 17,509 single family homes and 3,421 apartments.

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