Construction picking up at 156-unit Stonebrier Apartments
STOCKTON — Crews have started work on a new apartment complex near the corner of Bianchi Road and West Lane in Stockton.
The three-story complex of 156 one- and two-bedroom apartments is the 13th project in the portfolio of the Patmon Company, a family-owned construction and property management business since 1965 in Stockton. Patmon Co. and Grupe Commercial have joined forces to build the project, called Stonebrier Apartments, and have contracted architects Mark Lee of Lee-Jagoe Architecture in Stockton and landscape architect Jeffrey Gamboni of Stockton. Construction will be performed by DesCor Builders of Rancho Cordova and the complex is scheduled to be completed next year.
Stonebrier is directly south of office and retail space built by Patmon Co. that includes The Kitchen Restaurant and soon will be home to the company’s corporate offices. Residents of Stonebrier will have valet service to receive packages and dry cleaning, as well as private garages and covered parking. The project will cost approximately $36 million and monthly rent for a one-bedroom unit will be about $1,400. Patmon Co. builds, owns and manages its apartments.
“I haven’t sold a building in 40 years,” said Charles “Pat” Patmon III, president of Patmon Co. “We have the largest portfolio of apartments under ownership in Stockton,” with 1,867 total units.”
Stonebrier is preceded by Ashley Park on Pershing Avenue, Sorrento on Rosemarie Lane, Abbey Pointe on Tyrol Lane, and Torcello at Bianchi Road and West Lane. Patmon Co. also has built and owns Iron Horse and Country Club Village on Country Club Boulevard, Parkside on Blue Ridge Circle, Schooner Landing on Shoreline Drive, Harbor Isle on Mariners Drive, Quailwood on Grouse Run Drive, Westpointe on West Lane and Bridle Path Place on Bridle Path Way.
Construction all but stopped during the recession. During that time, Patmon pulled equity from existing properties and refinanced them. Now, the company is building again.
“It’s a good thing,” Patmon said. “I think it’s because people are working. People have jobs.”
Construction activity has increased, and so have costs. In 2003, Patmon built Torcello for $25 million or $83,000 per apartment. The cost per unit at Stonebrier will be $232,000, a 277 percent increase from Torcello.
In the works for Patmon Co. are another $200 million in projects in Stockton, including developments at Eight Mile and Thornton roads and Trinity Parkway
Link to article: Construction picking up at 156-unit stonebrier apartments
Bob Highfill, Staff Writer | Recordnet.com
July 23, 2019