Villa Monterey is an existing 45-unit apartment project located at 4707 Kentfield Rd. in the Valley Oak district of Stockton, CA in San Joaquin County.
Built in 1968, the property currently offers 23 one-bedroom and 22 two-bedroom units, a swimming pool, a barbeque area, and covered parking. Visionary Home Builders of California is planning to rehabilitate this apartment complex and turn it into the gem of the community. The name of the apartment complex has been changed to Villa Monterey. The façade will also be changed, to a Mediterranean design, making the project more attractive to the surrounding community. The majority of the units will go through a major renovation that includes replacing wall mounted heating/cooling units with central heat and air, new appliances and cabinetry, new flooring, new windows, among other improvements.
Several first floor units located at the south end of the project will be converted into a Community Activity Center “CAC”. The CAC will have a large open meeting room, a computer lab for children to do their homework, and office space for use by non-profit service providers from the community to assist residents. The current office space will continue being used as the rental office, except for the southeast corner, which will be converted into a small office for the Stockton Police Department.
The pool and the barbeque area will be demolished to make way for four additional rental units. Those units will replace four of the five units being lost due to the Community Activity Center. These units will be ADA accessible since the current units on site do not comply with ADA. The remainder of the inside area will have landscaping.
As part of the proposed tax-exempt bond and 4% tax credit financing, 44 units will be rent restricted and set aside for low-income families, and one unit will be set aside for an on-site manager. 10% of units will be for households whose incomes do not exceed 50% of the Area Median Income and 90% of the units will be set aside for those earning up to 60% of the Area Median Income. As a part of the financing, bond and tax credit regulatory agreements will be placed on the property.
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