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AMCAL Equities, LLC, announced the close of financing and start of construction on Phase One of a 520-unit multi-family community in Fort Worth

The Holston Fort Worth Starts Construction on the First of Two Phases on a Site Adjacent to the Perot Family Master-Planned AllianceTexas Community

November 18, 2018 – Fort Worth, TX – AMCAL Equities, LLC, announced the completion of financing and the start of construction of The Holston Fort Worth, the first phase of a 35.3-acre multifamily residential development with 520 total apartments.

The site, located at 3301 Westport Parkway in North Fort Worth, is situated adjacent to AllianceTexas, the Perot family’s 26,000-acre master-planned community and home to affiliates of more than 500 companies, of which 69 are Fortune 500 corporations.  It is also conveniently located in the Northwest Independent School District, one of the fastest growing and most sought-after school districts for college-bound students
in North Fort Worth.

The Holston Phase I will feature 265 “Class A” apartment homes in configurations of one-, two- and three-bedroom apartments, and generous in-unit and community amenity packages.  Located on a 12.32 acre site, the community will be comprised of four three-story, garden-style buildings with a combination of tuck-under garages and on-grade parking for a total of 440 spaces.  Construction began on November 15 and the first apartments are scheduled to be delivered in January 2021, and the last building to be delivered in June 2021.

“This new housing is intended to be attainable for essential workers in this growing community and local economy and provides a fabulous opportunity for local workers and other renters to be in close proximity to their jobs, recreational venues and other services,” says Percival Vaz, CEO of AMCAL Equities.”

About AMCAL Equities, LLC

Since 1978, AMCAL Equities, LLC, and the AMCAL Group of Companies have developed more than $2.5 billion in high-quality multifamily housing projects consisting of more than 7,000 units throughout California, Texas and Washington. AMCAL has been consistently recognized for its solid financial performance and strong, conservative balance sheet which has enabled it to partner with some of the world’s leading financial institutions including Barings Multifamily Capital, Bank of America, JPMorgan, Comerica, Star America, Anchor Capital and many others. For more information, please visit https://www.amcalhousing.com/market-rate-communities/.

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Affordable housing complex breaks ground in north Houston

AMTEX broke ground on its second development in Houston on November 14, 2019. AMTEX Green Oaks Affordable Multifamily Housing Development is a 177-Unit Apartment Complex located in Northeast Houston. 

The Green Oaks Apartments Development is designed to close the substantial shortage of affordable housing units in Houston. According to the Houston Housing Authority, “Recent Census data indicates that over 400,000 households in Houston qualify for housing assistance at 80% of the Area Median Income (AMI), additionally there are 155,582 families currently living in poverty. More than 200,000 families in Houston pay greater than 30% of their income for housing. The existing housing stock only provides affordable opportunities for 76,725 families in Houston. This sheds light on the extent of the need for affordable housing for all families at all income ranges below 80% of AMI. The Houston Housing Authority aims to increase the number of affordable housing units available for qualified residents within its jurisdiction.”

The City of Houston Housing and Community Development Department awarded AMTEX’s Green Oaks Apartment Development the competitive four percent Housing Tax Credits. The Green Oaks Development received unanimous support from the City of Houston Mayor and City Council, led by City Council District B Council Member Jerry Davis. The project also received overwhelming support from Harris County Commission Precinct One, The Honorable Thompson, TX House of Representatives, Dist. 141, area Neighborhood Home-Owner Associations, Business Chambers and the surrounding northeast Houston community. The Green Oaks Apartment Development is in Northeast Houston on Gears Road, Greens Parkway, and Greensmark Drive, Houston, Harris County, Texas. In addition to providing housing for the target population, AMTEX is committed to providing economic development opportunities for minority and women-owned businesses, HUD Section 3 Businesses, and training and employment opportunities for Section 3 residents.

See this link for an article in the Houston Chronicle about the groundbreaking ceremony for Green Oaks. AMTEX’s other development in Houston is the Villages at Cypress, a 162-unit development for seniors that was completed in 2014.

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AMCAL Named One of LA’s Most Influential Family Owned Businesses

In October 2019, AMCAL was named by the Los Angeles Business Journal as one of LA’s Most Influential Family Owned Businesses. Here is part of the story. Read the rest at the link below.

Originally emigrating from India, Percival Vaz earned electronics and business degrees from UCLA, but found his early career choice in technology left him uninspired. After buying the first home for his growing family, Vaz got the real estate bug and started AMCAL in 1978 with his wife, Lux, in their garage as budding entrepreneurs.

Vaz has led the company’s growth from a single-family home investor to a premier multi-state developer of student, affordable and luxury apartment communities representing more than 80 developments and 7,000 units valued at $1.5 billion – with $2.5 billion more product in development or under construction.

Read more at this link.

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The Grad San Jose Receives Award

The Silicon Valley Business Journal recognized our student housing project with Swenson in San Jose with an award for best Market-Rate Residential project in Silicon Valley.

“We are thrilled that The Grad San Jose has already won an award for Best Market Rate Residential project several months before it’s even completed,” said Percy Vaz, CEO of AMCAL Equities, LLC. “It validates our vision that this student-focused apartment project near San Jose State University would hit just the right mark. We look forward to The Grad San Jose’s completion and students moving in next summer.”

This is nothing like your parents’ dorm rooms

In addition to addressing the thorny challenge San Jose State students have finding housing in the area, The Grad San Jose will be a far cry from the type of spare, utilitarian buildings many college graduates associate with student dorms — with varying degrees of fondness, of course.

It also serves a new approach to privatized student housing, one that offers shared living spaces, amenities and residential life programming. While the audience for The Grad is college students, the housing will be available to anyone. One caveat — the leases last for 50 weeks, are by the bed and begin at the start of the academic year. Rents include fully furnished suites, utilities, cable, high-speed Internet, and daily programmed activities.

Slated for completion next summer, the $190 million project, which is being built by a joint venture that includes AMCAL and Swenson, will have 260 units totaling 1,039 beds.

Read the rest of the article in the Silicon Valley Business Journal.

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AMTEX’s Gary Newbold Speaks at Connect Texas Multifamily Conference: Focusing on Housing Affordability

The good news for Texas is that the economic climate is strong. The not-so-good news? Housing affordability is as much a challenge in the Lone Star State as it is in other parts of the country, lower cost of living notwithstanding. It is this challenge that brought together the six-person panel on affordability at the recent Connect Texas Multifamily conference. The session, entitled “Affordable Housing: Short Supply + Growing Demand = Opportunity” saw moderator Hugh Cobb, with Alpha Barnes Real Estate Services, asking questions of the public and private housing panelists.

The first question? The aging demographic, and its impact on affordability. Gary Newbold with Amtex Multi-Housing indicated that affordability issues are about the same for senior housing as it is for standard multifamily. He acknowledged, however, that many of the seniors requiring low-income housing have been unable to physically or economically support their household. “They haven’t been able to set enough aside,” he said. “Or they’ve lost a partner or loved one.”

Read more of the article by clicking here.

Pictured (L-R): Hugh Cobb (Alpha Barnes Real Estate Services); Tim Lott (Dallas Housing Authority); Janine Sisak (DMA Companies); Theresa Ebner (LDG Development); Gary Newbold (Amtex Multi-Housing); Debra Guerrero (The NRP Group)

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The Silicon Valley Business Journal Takes an Inside Look at The Grad San Jose

Our newest student housing community — The Grad San Jose — is only a year away from completion. The Silicon Valley Business Journal decided to take a look and see how it’s shaping up. Here’s what they had to say:

July 26, 2019

By Katie Lauer — Business Journal contributor

A 19-story co-living building in downtown San Jose aimed a providing dorm-style student housing is close to completion nearly three years after a pair of private developers broke ground on the project. The Grad San Jose will boast 1,039 beds in 260 units, just one block west of the San Jose State University campus. With the 1.1-acre project at 300 S. Second St., co-developers Amcal and Swenson Builders aim to cater to students who would benefit from the shared style of living so close to campus.

Read more of the article at this link.

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Long Beach breaks ground on Las Ventanas, a 102-unit affordable housing complex

AMCAL celebrated the groundbreaking of Las Ventanas, a 102-unit affordable housing development in Midtown Long Beach on Thursday, June 6, along with representatives from the City of Long and the Long Beach Community Investment Company.

Las Ventanas will feature a mix of one- two- and three-bedroom units for individuals and families earning between 30 and 60 percent of the area median income, including 15 units reserved for households experiencing homelessness or at risk of experiencing homelessness. The building will utilize clean technologies, with a third of the project’s energy coming from solar panels. 

“We are extremely pleased to be starting construction on this beautiful, new affordable housing community that will serve Long Beach residents with transit-friendly, high-quality apartment homes,” said Percy Vaz, CEO of AMCAL. “Future residents will have immediate access not only to the Blue Line to transport them into downtown LA, but they also will be able to get a quick coffee or snack in the retail space that’s planned on site. We are proud to be partnering with the City of Long Beach on this well-situated project that is being designed to LEED Gold energy-efficiency standards.”

Residents will have access to 8,167 square feet of outdoor recreation space along with a computer lab and community room on the ground floor. The development also will offer nearly 4,000 square feet of ground floor retail adjacent to the Metro Blue Line PCH station.

Read more about the project at this link. Also read an article about the project in the Long Beach Press Telegram.

(Photo–Left to right): John Thomas, Board Chair, The Long Beach Community Investment Company; Alex Pratt, VP of Development, AMCAL Multi-Housing, Inc.; Robert Garcia, Mayor, City of Long Beach; Tyler Curley, Chief of Staff, District 1, City of Long Beach; Linda F. Tatum, Director, Long Beach Development Services; Dennis Murata, District Chief, Service Area VIII, Los Angeles County Department of Mental Health

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Affordable senior/family apartments coming to Antioch

Council approves zoning changes for large northeastern complex

Almost 400 affordable senior and family apartments could soon sprout up between two residential neighborhoods in an area of northeastern Antioch that hasn’t seen much development in recent years.

Located southwest of East 18th Street and Holub Lane just west of Highway 160, the proposed AMCAL Family and Senior Apartments will feature 11 three-story buildings on 14.85 acres. Of the 390 affordable units in the gated complex, 214 will be designed for families and 176 for tenants 55 and older. Four will be manager units.

“This family and senior housing project is an important residential project for the city of Antioch for needed housing,” City Manager Ron Bernal told the City Council this week.

Community Development Director Forrest Ebbs said although the city has been talking about possible projects at the site for a long time, the latest proposal came about fairly quickly. It’ll require a zoning change from “planned development” to “high-density residential” and “senior housing overlay district.”

Read more of the story at the East Bay Times.

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Rental Apartment Units Across Multiple Texas Markets

DALLAS, TX – AMTEX announces the completion of more than one thousand rental apartment units in Texas, with more than 2,700 more apartments either currently under construction or to be developed over the next few years. 

Campus Apartments is AMTEX Multi-Housing’s newest affordable apartment community to be completed. Located at 4651 Campus Drive in Fort Worth, Campus Apartments offers 224 units for individuals and families in the low-, moderate- and market-income ranges. AMTEX Construction, LLC, served as the master subcontractor for this newly completed community.

Next to be finished will be AMCAL Equities’ luxury apartment project overlooking beautiful Lake Ray Hubbard that is set to open in November providing 228 new luxury rental apartments. Located 20 miles northeast of Dallas in Rockwall, Texas, The Florence at the Harbor will offer residents sweeping lake views and easy access to local businesses, services and destinations including the award-winning Harbor District, Downtown Rockwall, and the lifestyle attractions in neighboring Dallas, Plano, and Richardson. 

Read more…

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AMCAL Ranks #15 on the List of the Top 50 Affordable Housing Developers of 2018

The AHF 50: Development Surge

By Donna Kimura

This year’s AHF 50 Developers stepped up production despite higher development costs.

With the uncertainty of tax reform in the rearview mirror, affordable housing developers charged forward in 2018.

This year’s group of AHF 50 Developers started construction on 257 developments with 32,069 affordable housing units, easily outpacing last year’s group, which started 231 developments with 22,540 units.

The AHF 50 is led by Eagle, Idaho–based The Pacific Cos., which has consistently been among the top affordable housing developers in the nation. It takes the top spot after breaking ground on 15 projects with 2,501 units in 2018.

The Pacific Cos. was one of many firms to significantly boost its production levels. One likely reason for the higher numbers is that many 2017 deals were slowed by the disruption in the low-income housing tax credit (LIHTC) market caused by the uncertainty of tax reform for most of that year. Those projects got back on track in 2018 once a tax plan was approved and the industry began to adjust to the market changes.

See the rest of the article at this link.

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