No Comments

Las Ventanas Affordable Housing Sprouts at PCH Station

Ten months after breaking ground in Midtown Long Beach, AMCAL Multi-Housing, Inc.’s Las Ventanas apartment complex is rising next to Metro’s PCH Station.

Located at the southwest corner of Long Beach Boulevard and Pacific Coast Highway, the four-story building will feature 102 one-, two-, and three-bedroom apartments reserved for households earning between 30 and 60 percent of the area median income.  Additionally, plans call for 15 apartments to be set aside as permanent supportive housing. 

Read the rest of the story.

No Comments

AMCAL Completes 69 New Affordable Apartments in Partnership with City of Santa Ana

With $8.5 million in funding from the city of Santa Ana, AMCAL Multi-Housing, Inc. has completed the construction of First Street Apartments — a 69-unit high-quality affordable apartment community developed in partnership with the City of Santa Ana.

To make this project possible, the Santa Ana City Council approved a loan for $8.5 million in affordable housing funds. Combined with low-income housing tax credits, construction of the project was able to begin in April 2018 with the demolition of an older, deteriorating office building. The project was completed and the new tenants moved in by late last year.

First Street Apartments is part of a revitalization effort to develop residential uses along the First Street corridor — a key gateway for the City of Santa Ana. The development is located at 1440 E. First St., which is adjacent to a public school, a quarter mile from an OCTA bus stop, within a half mile of the Santa Ana Zoo and less than a mile from a Kaiser Permanente hospital.

“The lack of affordable housing is a growing crisis in Orange County and throughout California,” said Councilmember Vicente Sarmiento, who represents Ward 1 where the project is located. “By investing in development that supports the needs of working families, the City of Santa Ana is planning for a future in which everyone has a place to call home.”

The new apartment community was constructed on approximately 2.16 acres and has apartments ranging in size from 782 to 1,219 square feet, with two-, three- and four-bedroom units for larger families, which are rare and needed in Santa Ana. Rents range from $741 for a two-bedroom apartment to $1,984 for a four-bedroom apartment. Half of the units are reserved for extremely low-income households earning 30% of the Area Median Income.

“First Street Apartments will improve the lives of some of the most vulnerable members in our community while revitalizing a major corridor into the city,” Mayor Pro Tem Juan Villegas said.

Councilmember David Penaloza added: “First Street Apartments serves as a testament to Santa Ana’s commitment to provide quality affordable housing for local families.”

Residents in the project were chosen through a lottery process that had over 1,100 applications. The deadline to apply has passed and the building is fully occupied.

“Before living at First Street Apartments, I found myself struggling financially to pay rent,” said Diana Huaynate, 32, who has three sons. “I was living paycheck to paycheck, even sometimes that was not enough.”

Ms. Huaynate, who was born and raised in Sana Ana, said she’s seen the city’s rent prices skyrocket.

“I am happy and blessed to be a resident at First Street Apartments,” she said. “Not only is the rent manageable, but it offered me and my kids a space of our own; the property is so nice, it has its own park, laundry facilities, bike storage for my sons’ bikes, and they offer social services and lots more amenities that you wouldn’t have unless you paid a lot in rent.”

First Street Apartment is unique in that it will serve large families with contemporary living features that include balconies and patios, parking garages, and modern bathrooms and kitchens. The outdoor community features include an open courtyard with seating areas for residents, a barbeque area, a tot lot for children to play and a community garden.

The community consists of six residential buildings and a community laundry facility. Residents have access to a community room and a computer lab that provides space for educational and social services for residents. Social services include adult education and health services such as computer training, job training, English-as-a-second language classes, nutrition programs and parenting classes.

Click here to see more about this project and for a link to the project’s leasing website.

No Comments

AMCAL Gets Started on a Veterans Housing Project in Pomona

January 7, 2020 Agoura Hills, CA — AMCAL Multi-Housing, Inc. announced today that it has closed financing and has started construction on Veterans Park Apartments — a high-quality affordable apartment community being developed in Pomona for veterans.

Veterans Park Apartments is an affordable multi-family apartment complex with modern amenities that will consist of 61 apartments ranging in size from 600 to 1,100 square feet located at 444 W. Commercial Street. Veterans Park will include 25 one-bedroom apartments with one bath, 15 two-bedroom apartments with two baths, and 20 three-bedroom apartments with two baths. One apartment will be reserved as an unrestricted manager’s unit.

Veterans Park Apartments was awarded $1.8 million in annual federal tax credits by the California Tax Credit Allocation Committee.

Rents will range from $545 a month for a one-bedroom apartment to $1,519 for a three-bedroom apartment, which are affordable for households earning between 30 and 60 percent of area median income. The community will welcome veterans with Housing Choice Vouchers (HCV) issued from the HUD-Veterans Affairs Supportive Housing (HUD-VASH) program.

Veterans Park is AMCAL’s third apartment community in Pomona. AMCAL previously completed two communities for seniors in Pomona — Serenity Villas in 2002 and Portofino in 2005. Read more about the project here.

See a press release about the project that was published in the Inland Empire Business Journal here.

No Comments

AMCAL Ranks 18th on a National Top Developer List

AMCAL was just ranked 18th on the list of top development firms by Commercial Property Executive and Multi-Housing News.

Since 1978, 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.

See the top developer article and list at this link.

No Comments

AMTEX Starts Construction on Austin Senior Affordable Housing Community

Dallas, TX (December 16, 2019)—AMTEX Multi-Housing, LLC, announced today that it closed financing and started construction on Limestone Ridge Apartments — a multi-family affordable housing community being constructed in Austin at 7011 McKinney Falls Parkway.

When completed, Limestone Ridge Senior Apartments will be a community for 55+ seniors with annual incomes of up to 60% of the area median income (AMI), which in Travis County, is $45,420 for a two-person household. The community will offer 223 one- and two-bedroom units plus two 2-bedroom units allocated for on-site managers. The community will also feature a one-story clubhouse and will have 405 surface parking spaces or 1.8 spaces per unit.

Residents at Limestone Ridge will enjoy onsite amenities including a swimming pool, walking trail and a community garden, as well as close proximity to McKinney Falls State Park.

Social services will be available onsite at no cost to tenants. Examples of services provided at previous AMTEX projects include: a monthly character building program; quarterly financial planning courses; quarterly health nutrition programs; notary public services; twice monthly arts and crafts, and other recreational activities; twice monthly onsite social services events; an annual health fair and annual income tax preparation assistance.

The 225-unit project represents the second partnership between AMTEX and the Travis County Housing Finance Corporation, having previously partnered on McKinney Falls Apartments a 312-unit family apartment community that is in the final stages of construction and is scheduled for completion in April 2020. Construction on Limestone Ridge is expected to be completed in the Fall of 2021, with residents moving in immediately thereafter.

Limestone Ridge Apartments is the tenth affordable housing project for AMTEX Multi-Housing, Inc. in Texas that is either completed or under construction.

 “We appreciate the Travis County Housing Finance Corporation for partnering again with us on this project to bring 225 new apartment homes for seniors to the Austin community,” said Arjun Nagarkatti, President of AMTEX Multi-Housing. “When completed, Limestone Ridge will be a wonderful place for area seniors to call home.”

No Comments

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/.

No Comments

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.

No Comments

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.

No Comments

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.

MENU