Tuesday, January 12, 2010

New Harmon apartments: Tanota plans to build 188-unit apartment complex

New Harmon apartments: Tanota plans to build 188-unit apartment complex

By Amritha Alladi • Pacific Daily News • January 12, 2010

Tanota Partners announced it has plans to build a new apartment complex in Harmon.

After the Latte Apartments saw "very, very good reception by the market," Tanota Partners has planned to construct another apartment complex nearby, said Michael Ysrael, general manager of Tanota Partners.

The proposed 188-unit apartment complex will be located in the Harmon area near the Mid Pac warehouse, according to Ysrael.

"We're not high-end," he said. "We feel comfortable there. Our tenants are happy."

The residential complex is targeted for low- to medium-income families, with rental prices expected to range between $750 to $850 a month. Ysrael said most of the units will be two-bedroom with two-bath units, and a few select units will have an additional bedroom. He said the construction of the complex is estimated to cost around $15 million. The land already belongs to Tanota Partners, he said.

Ysrael said the long-term needs of Guam indicate the land would be best used as a residential area.

Ysrael is still waiting for the building permit before connecting sewer lines to the lot. The first phase of the 12- to 15-building complex should be completed by next year, he said.

He said it's a good location for the people there, just as the commercial entities expand their operations in northern Guam in preparation for the military buildup.

"People want to live where they work," he said.

Ysrael said he looks at what people need and what they can afford. Thus the new "village-style" complex will include basketball courts, laundry facilities, a fenced playground and a barbecue pit.

Ysrael said Tanota Partners is also trying to be environmentally friendly so there's a possibility the new units will each have solar panels as water heaters.

The complex may include security, depending on how much families are willing to pay for the additional feature.

There will be minimal back-up generators, enough to provide emergency lighting, Ysrael said.

'One step ahead'

According to Siska Hutapea, managing partner and chief appraiser at Captain, Hutapea and Associates, this complex will be one of the first large apartment complexes to be built within this decade.

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