River Islands at Lathrop is gearing up to enter the red-hot South County apartment market.
Cambay Group plans to build 600 apartments in the town square area of the 11,000 home planned community.
Project manager Susan Dell’Osso said the apartments will be aimed at the middle and luxury markets.
A check of apartment rents in Manteca shows rents have gone up nearly 10 percent since January.
Manteca’s costliest one bedroom apartments — 737-square-foot units at Paseo Villas billed as a luxury complex on Atherton Drive — are now commanding between $1,490 and $1,590 a month depending upon the unit’s location.
Laurel Glenn — a complex on Button Avenue in East Manteca that has been upgrading its interiors with more amenities — is now fetching $1,345 a month for a 597-square-foot one bedroom apartment.
The two bedrooms, one bathroom Laurel Glenn apartments that rented for $780 in 2007 are now going for $1,465 to $1,535 depending upon the location if you can get one. There is a waiting list.
A 660-square-foot one bedroom unit at Stonegate Apartments on West Center Street is now renting for $1,050 to $1,075 a month.
Dell’Osso said River Islands planners will be looking at the best locations for the apartments that will intermixed with retail in the town square off of the main entrance via River Islands Parkway — the extension of Louise Avenue crossing the San Joaquin River using the new bridge. The town square will open to a greenbelt park along the San Joaquin River.
Design work is expected to take place during 2017 with construction targeted for 2018.
A future phase of River Islands where a secondary retail area will be located will also include apartments besides the 600 planned for the town square.
Cambay Group plans to build and retain ownership of the apartment complexes.
River Islands is laid out to make it possible to walk, bicycle or even take paddle boats on interior lakes to reach the town square. Travel corridors — except for main streets such as River Islands Parkway — are designed more with pedestrians in mind and are significantly narrower than you would find on “feeder streets” in a typical community. They also do not have on-street parking in most cases.
The heart of the town square is envisioned for community gatherings much like Library Park in Manteca or Weber Point in Stockton.