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Paseo Villas 98.6% occupied; Tesoro on hold
Paseo Villas on Atherton Drive has been a successful venture since opening in 2005. - photo by HIME ROMERO
AKF Development is biding its time until a thaw occurs in commercial lending to proceed with the 300-unit Tesoro apartment complex planned on the northeast corner of Atherton Drive and Van Ryn Road.

Bill Filios of AKF said the project is on hold although they are exploring various options to try and fast forward financing. The firm owns the land and has all of the infrastracture in place.

AKF Development owns the 293-unit Paseo Villas immediately west of the Tesoro location where a bicycle path and landscaping is now being put in place.

Filios noted that Paseo is 98.6 percent full re-enforcing the firm’s view that there is a demand for another 300-unit luxury apartment complex in Manteca.

Rents for one-bedroom, one bathroom apartments with 1,090 square feet at Paseo start at $975 a month and top out at $1,495 for three bedrooms, two bathroom floor plans with 1,292 square feet.

By comparison, three bedroom and two bathroom homes in Manteca are now renting for between $1,150 and $1,300 a month. Other complexes in Manteca start one bedroom apartments for as low as $565 a month although most that offer them are in the mid-$700 range.

Paseo opened in mid-June 2005 and was an instant success. Rents originally ranged from $925 to $1,475 a month.

The complex includes a movie room with Surround Sound and 20 theater-style seats with a different flick playing each night. There is also a large fitness center as well as a computer room where you can get on the Internet in the 8,000-square-foot clubhouse complete with outdoor patio and swimming pool.

There is also a private park with sports court, BBQ area and tot playground lot.

It was Manteca’s first major apartment complex in 12 years when it opened.