Getting Ready To Catch The Wave: Apartment Developers Bullish On Central ValleyMarch 19, 2012 4:02 pm
By Dennis Wyatt, Manteca Bulletin
Lafferty Homes is scoring strong sales of homes over $400,000 in the gated Oakwood Shores lakefront community on Woodward Avenue.
Raymus Homes is preparing to move forward with the 540-home Oleander Estates project west of the Union Road and Woodward Avenue intersection as well as the 140-home Rina’s Grove located north of Sedan Avenue and east of South Manteca Road/South Main Street.
Cambay Homes after patiently waiting for six years is gearing up to possibly start building the first home of the 11,000-home River Islands at Lathrop on Stewart Tract in 2013.
And now Bill Filios and Art Nunes are getting things rolling so they could start work on a 128-unit apartment complex in North Manteca possibly by the end of the year.
It is all because developers along with financial institutions are seeing signs of a housing recovery amid the foreclosure tsunami that is starting to show signs of weakening as well as what many economists believe is the start of an economic recovery.
“We want to be ready to time (the apartments) with the recovery,” Filios said.
Exactly when that will happen, Filios – nor can anyone else – predict. But there is a growing confidence that economic indicators are starting to shift.
Filios expects the apartment complex plans to be through the Manteca municipal review process within four months. Once they secure city approval they can then work on the financing.
“We’re bullish on the Central Valley,” Filios said.
Filios pointed to the United States Census Bureau that projects about 10 million more residents by 2030. The 2010 census put the state’s population at 37.2 million.
“They (the new residents) have to live somewhere and the Central Valley will get a lot of the growth,” he added.
Woodbridge Apartments is planned at 925 West Lathrop Road to the east of Woodbridge Shopping center anchored by CVS Drugs and north of Lathrop Road.
The 128-unit garden apartment complex includes a 3,800-square-foot community center with a swimming pool and spa. There also would be a mail kiosk, enclosed garages, carports and extensive landscaping and landscaping improvements.
The northeast corner of Lathrop Road and Union Road was master planned for what is called “smart growth” that means basic retail services such as grocery shopping, drug stores and food services are within walking distance of the apartment complex. The complex is also situated to serve as a buffer between the single family homes of Union Ranch to the north and the retail complex.