A developer is eager to build 200 more apartments now that Manteca complexes are commanding on the high end between $1,195 at Laurel Glenn and $1,400 at Paseo Villas and $1,185 for one bedroom and one bathroom units.
The Manteca Planning Commission Tuesday will consider a resubmission of the Terra Ranch Apartment proposal first approved in 2011 that has since expired. The 12.2-acre project is located on the southwest corner of West Woodward Avenue and the new McKinley Avenue alignment in southwest Manteca.
It would consist of 12 apartment buildings consisting of 190,596 square feet. The buildings will be built with two and three story versions using a plaster finish with Spanish-style roofs and earth tone colors.
A 4,999-square-foot community center that includes a fitness center and a swimming pool are planned as well.
The project being advanced by TR Lands Company will have extensive trees along perimeter streets. It also will have 200 carport spaces, 200 uncovered parking spaces, and 50 garages.
It will be the first major at-market apartment complex to be built in Manteca since Paseo Villas opened in 2005 along Atherton Drive at Van Ryn Avenue along the 120 Bypass.
Paseo Villas — the gold standard in Manteca apartments — is now commanding $1,300 to $1,400 for a 737-square-foot one bedroom, one bathroom. The 1,045-square-foot two bedroom and two bathroom floor plan is going for $1,500 to $1,600; the 1,090-square-foot, two bedroom and two bathroom floor plan is going for $1,650 for $1,700; and the 1,292-square-foot three bedroom and two bathroom floor plan goes for $1,725 to $1,800.
The slightly smaller 1,217-sqaure-foot two bedrooms and two bathrooms Villa De Marco with garage model goes for $1,750 to $1,800.
The single bedrooms at Paseo started renting for $925 in 2005.
Rents are up 10 percent in Manteca since the start of the year for units being rented anew or leaes expiring. That comes on the heels of a record 13.7 percent increase between 2013 and 2014.
While Paseo has gone up 10 percent, Laurel Glenn is up even higher in year-to-year comparisons with the Button Avenue complex fetching $1,185 to $1,195 for a one bathroom, one bedroom apartment. That compares to $925 at the start of 2014 based on the Bulletin’s annual apartment rent survey. It reflects a jump of 12 percent in rent.
Two bedrooms and two bathrooms Laurel Glenn apartments are renting for $1,435 compared to $1,229 just 18 months ago.
Ironically, just five months ago convinced the Manteca City Council that building 192 townhouses and 280 apartments just a quarter mile farther to the west along Woodward Avenue as part of The Trails project would not be economically feasible nor would they rent due to the location.
Developer Jay Utal at the time said his firm originally wanted to build apartments but market conditions had changed to one favoring single family homes.
“Market conditions change,” Silverman countered during the February meeting as he noted economic conditions more conducive to building apartments is likely to happen in the future.
Silverman backed up his point by noting that he and his wife Linda called four apartment complexes and found that there were no units for rent. He added Manteca needs to provide housing opportunities for its workforce and others that can’t afford to buy or own single family residences before casting the only dissenting vote again eliminating apartments.