AMCAL Press Release

Alegre Apartments Press Clippings

(December 2013)

ORANGE COUNTY REGISTER
Apartment complex ground breaking held
by Ian Wheeler

A groundbreaking ceremony Thursday morning celebrated the start of a project to build Alegre apartments, a 3.37 acre,104-unit complex at 255 Vision Street near Sand Canyon Ave.

The $43 million project is being developed by AMCAL Multi-Housing with Irvine Community Land Trust. The ceremony Thursday morning was attended by project officials and city leaders.

Construction on the complex actually began in early November; it is expected to be completed by March 2015, said Percy Vaz, chief executive officer of AMCAL.

Because the units are low-income housing, rent will depend on the income of the tenants as well the unit size, Vaz said.

The subsidized rents will start at $543 for two-bedroom units, up to $1,100 for four-bedroom units.

Mentally disabled tenants may qualify for $224 one-bedroom units, which are subsidized partially the state’s Mental Health Services Act.

Among the mix of one to four-bedroom units: a pool, children’s water area, playground, and a two-story community center with fitness and other amenities.

For more information on affordable housing, visit the City Services tab at citvofirvine.org.

 

MULTI-HOUSING NEWS ONLINE
AMCAL Constructing $43M Affordable Community for Irvine Community Land Trust
By Jeffrey Steele, Contributing Writer

Irvine, Calif.-Groundbreaking has taken place for Alegre, a 104-unit affordable housing project for families in Irvine, Calif. AM CAL Multi-Housing, a developer of workforce and affordable housing in California, Texas, Arizona and Louisiana, is developing the $43 million community.

A competitive proposal process by the Irvine Community Land Trust resulted in the selection of AM CAL. AM CAL will build the affordable apartments on Irvine Company provided land within the new Cypress Village master plan, Situated near the 1-5 freeway and Jeffrey Rd. The community is expected to be complete in March 2015, at which time first occupancies will take place.

“We are very honored to be chosen to do this project,” Agoura Hills, Calif.-based AMCAL Multi-Housing CEO Percy Vaz tells MHN. “Need for affordable housing in California far exceeds the availability of affordable housing in the state. There’s always a need and it’s always a good time to build affordable housing.”

The biggest challenge AMCAL encountered was assembling all the financing components necessary for the development, Vaz says. “Because affordable housing rents are about 50 percent of what market-rate rents would be, in order to build affordable housing anywhere in California, it needs some kind of financial assistance, from the state, federal government or the local city,” he adds. “In our case, one of the challenges was to obtain low-income housing tax credits. We competed for those, with no assurances we would get them. But we did get them, and that made this project go forward. We sold the credits to Bank of America, and obtained approximately $24 million. Bank of America is our limited partner in the project.

The development is adjacent to Cypress Park and near an a CTA bus line. A market, pharmacy and health clinic, as well as Jeffrey Trail School, are also well situated for convenient access by future Alegre residents. AM CAL plans to team with LifeSTEPS to offer complimentary social services that will include computer and job skills training, ESL classes and health programs for Alegre residents.

Common area amenities at Alegre will include an expansive pool area, children’s water splash feature, barbecue areas, children’s playground, a two-story community room with offices, computer lab, kitchen, media room, game room and fitness room. Ample bicycle storage, as well as 180 tuck-under and surface parking spaces and charging stations for electric cars, will be provided.

Alegre stands to assist a great many deserving Irvine and non-Irvine residents, Vaz says. “There are a lot of people who work in Irvine and have very long commutes as well as low incomes, who would qualify” for residency, he reports. “There are also low-income folks who live in Irvine, who may be doubling up or having a difficult time making ends meet. They would benefit from this development, because the rents are 50 percent of what they would pay on a market-rate basis. And 10 percent of the units are set aside for people who might have mental health issues, so they would also benefit.”

 

GLOBE ST.COM
Dirt Moving for $42M Affordable Project
By Carrie Rossenfeld | Orange County

IRVINE. CA-Alegre Apartments, a new affordable-housing community for families and special needs residents, will break ground next Thursday. December 12. The project, which GlobeSt.com has learned is expected to be completed by early 2015 with a total development cost of $42 million ($21 million for hard construction), is a partnership between AMCAL Multi-Housing, the Irvine Community Land Trust and the City of Irvine for placement in the new Cypress Village master plan near Jeffrey Rd. and the 1-5 freeway. The development will provide 104 affordable family apartments with 10% reserved for special needs. The partnership is a key part of AMCAL’s initiative to fulfill inclusionary housing requirements in cities across California. Alegre is also the first rental community utilizing the ground-lease model that provides ICLT with long-term land ownership.

 

COMMERCIAL REAL ESTATE INSURANCE.COM
AMCAL to build Alegre for Irvine Community Land Trust
Irvine California

AMCAL Multi┬ĚHousing, one of California’s leading builders of workforce and affordable housing, has just announced plans to construct Alegre, a l04-unit family affordable housing development.

AMCAL was selected as part of a competitive proposal process by the Irvine Community Land Trust. Utilizing land provided by the Irvine Company, AMCAL will build affordable apartments with in the new Cypress Village master plan located near Jeffrey Road and the 1-5 freeway. AMCAL’s partnership with the Irvine Community Land Trust is a key part of AMCAL’s initiative to fulfill inclusionary housing requirements in cities across California.

“AMCAL’s longstanding success in developing high-quality, award-winning affordable housing makes them an ideal partner to collaborate on making Alegre a vibrant new community,” said Christina Shea, Chair and President of the Irvine Community Land Trust.

Alegre’s amenities include a large pool area, a children’s water splash feature, barbecue areas, children’s playground, and a large two-story community room with offices, computer lab, kitchen, media room, game room and fitness room. Residents will be provided 180 spaces of tuck-under and surface parking and ample bicycle storage. Charging stations for electric cars will also be provided onsite.

The development is located adjacent to Cypress Park and is also near an OCTA bus line, Jeffrey Trail School, a market, pharmacy, and health clinic for resident convenience. Once again AMCAL will partner with LifeSTEPS to provide complimentary social services for children and adults that will include computer training, job skills training, ESL classes, health and nutrition programs and parenting classes.

Alegre will be built in traditional Italianate design by architect MVE Partners. Construction is three levels of Type V designed to LEED Gold certification.

AMCAL was awarded an allocation of $23.9 million in 9% Low-Income Housing Tax credits earlier in 2013. The Irvine Community Land Trust and the City of Irvine funded $9 million in land value and loans and MHSA provided $1.3 million. Alegre includes 22 units of30 percent AMI, 16 units of 45 percent AMI and 65 units of 50 percent AMI affordable housing. This will be the 58th community developed by AMCAL.

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