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AMCAL Secures Financing for Two Developments

AMCAL Multi-Housing and AMTEX Multi-Housing have taken big steps toward developing workforce housing communities in Santa Ana, Calif., and Austin, Texas.

William Hezmalhalch Architects Designed by William Hezmalhalch Architects, First Street Apartments in Santa Ana, Calif., is scheduled to be completed by developer AMCAL Multi-Housing in September 2019.

In partnership with the city of Santa Ana, AMCAL Multi-Housing announced that it closed financing on a new 69-unit apartment community in Santa Ana. Bank of America Merrill Lynch is serving as the equity investor as well as the construction and permanent lender for the project. Construction will commence at the site in May with the demolition work of an existing deteriorating office building.

Read more about this here.

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AMCAL Receives Prominent “Powering the Future” Award

AMCAL received the prominent “Powering the Future” Award on March 24 at Sacramento’s Power Inn Alliance 24th annual award luncheon for its Sacramento student housing project “The Crossings.”
This award is given to the person, persons and/or company who played the most significant role in changing the direction of the district by creating a vision to move the area forward.

It could be given to a catalyst project, a significant investment to one of the Alliance’s key tenets. This year, it was given to AMCAL Equity, LLC’s CEO Percy Vaz.

City of Sacramento: In 2008, the Alliance and the City began work on a Specific Plan that would become the designated Sacramento Center for Innovation (SCI). That plan was ratified by City Council in 2013 and the City has been working with the Alliance and community leaders to bring its vision to life.

AMCAL: AMCAL, one of the nation’s most successful multi-family developers, understood the impact and opportunity in bringing The Crossings student housing project to life. AMCAL’s vast experience in quality design and construction, and their commitment to excellence makes them an ideal partner on this catalytic development within the SCI. Coleraine Capital: Coleraine Capital was the initial real estate partner in identifying The Crossings site, near the Ramona Avenue road extension project. They saw the potential in creating a much-needed niche student housing project, with a focus on amenities and innovation.

The luncheon highlighted important area updates, and guests heard from Mayor Darrell Steinberg and Councilmember Eric Guerra, and Keynote Speaker, Bill Gaines, as he talked about the Importance of Manufacturing in the Community and the Role of the Workforce. Community award winners were announced, as well: 2018 Powering the Future Award – The Crossings and Ramona Ave Extension (City of Sacramento, AMCAL, and Coleraine Capital) 2018 Power Partner Award – Procter & Gamble 2018 Tom Burress Community Service Award – The Cannabis Planning and Development ad hoc subcommittee (Burnie Lenau, Lawnman, Inc; Dennis Shanahan, Shanahan’s Auto Body; Mike O’Brien, Mark III Construction; and Bernardo Hubbard, Jackson Properties)

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Under Construction – Ramona Avenue Extension in Sacramento Will Link AMCAL’s Student Housing Community to Sac State

On Thursday, April 5, Mayor Darrell Steinberg, Councilmember Jeff Harris, Councilmember Eric Guerra, Assembly member Kevin McCarty, and community partners broke ground for the Romona Avenue Extension Project.

This project, along with the upcoming work on Folsom Boulevard, will enhance safety for all modes of transportation — especially for those commuting to and from Sacramento State University. Construction will begin Spring 2018 and is anticipated to be completed by September 2018.

This project not only enhances safety along Folsom Boulevard, but will also connect to a 225-unit student housing project, The Crossings. The housing community will provide 750 beds to serve the students of Sacramento State.

Additionally, the Crossings is being constructed within the 240-acre Sacramento Center for Innovation Specific Plan, an area that is designated to foster the exchange of technical knowledge and expertise between students, faculty and innovative businesses and technology companies.

Read more about the project here.

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Long Beach — A place for everyone to call home

Long Beach is thriving. From new jobs and booming construction to important infrastructure improvements and new investment opportunities, the city is undoubtedly growing. And with this growth comes the need for ensuring economic inclusion and a broader range of housing types that serve the needs of all our residents. Working families, seniors, veterans, students, and individuals with disabilities all deserve a safe, comfortable, and affordable place to call home in our city.

Over the past several years, housing burdens have become increasingly urgent nationwide, particularly in California, where rising costs and limited supply are taking their toll on lower- and middle-income families alike. A 2017 report on rental rates found a housing vacancy rate of 4.6 percent and a 4.1 percent increase in median rents citywide.

Read more here.

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Downtown San Jose residential tower launch arrives days after mayor touts housing plan

SAN JOSE — October 5, 2017 — The Graduate, a new residential tower geared towards students in downtown San Jose, is poised to be a fresh development venture that can help combat the Bay Area housing crisis.

Developers say The Graduate, an L-shaped project being built at 300 S. 2nd St., is a 260-room high rise a block from the edge of San Jose State University.

The project is a joint venture of San Jose-based Swenson, a realty development and investment firm, and Los Angeles-based Amcal Equities, a long-time residential developer.

“The Graduate will serve as a significant bridge between campus and the SoFA District as well as the surrounding urban amenities of downtown,” said Case Swenson, president of Swenson.

San Jose’s SoFA District is the downtown’s principal arts and entertainment area and stretches along three blocks of South First Street between San Carlos and Reed streets. The new project is between the university campus and the SoFA neighborhood.

Read more at The Mercury News…

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Former hospitals find new life as apartments and condos

When Juana Monroy moved into Hollenbeck Terrace in the Boyle Heights neighborhood of Los Angeles in 2015, she learned that the white, towering senior apartment building was once a busy hospital that had appeared in dozens of movies and television shows.

Then she heard the rumors that the old Linda Vista Community Hospital building was haunted. “I was a little scared,” said Monroy, 60.

But she hasn’t seen a ghost yet, and now she loves living in a building with such history. “It’s gorgeous,” she said.

Across the country, hospitals that have shut their doors are coming back to life in various ways: affordable senior housing in Los Angeles, luxurious multimillion-dollar condominiums in New York’s Greenwich Village, a historic hotel in Santa Fe, N.M.

Read more at the Los Angeles Times.

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AMCAL Opens 660-Bed Community Near California State University, Stanislaus

Turlock, Calif. — AMCAL Equities LLC has opened The Vista, a 660-bed student housing community located near California State University, Stanislaus in Turlock, California.

The property offers one-, two-, three- and four-bedroom units. Community amenities include a clubhouse with outdoor volleyball and basketball courts; a resort-style swimming pool; outdoor television lounge; theatre; cyber café with free coffee; and 24-hour fitness center.

Asset Campus Housing is managing the property. Humphreys & Partners Architects LP designed the community, and construction was managed by AMCAL General Contractors Inc. Coleraine Capital Group, AMCAL’s joint venture partner, sourced the land and assisted with the entitlement process.

Read more at Student Housing Business.

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The Clarendon will bring 335 apartments to Woodland Hills

Developers AMCAL Equities announced on August 31, 2017 that construction has begun on The Clarendon, a new apartment complex in Woodland Hills, just a block northeast of Topanga and Laurel Canyon boulevards, and right in the crook of the 101 freeway.

The five-story building will hold 335 apartments, running from studios up to three-bedrooms; 26 of the units will be rented to tenants using Section 8 vouchers.

The 4.3-acre complex, designed by Architects Orange, will be served by a six-level parking structure that will include 28 parking spaces for electric vehicle charging stations.

Another eco-friendly addition to the project are the trellis solar panels on the roof, which shade the top of the parking garage and offset a portion of common area energy costs, says a release from the developer.

Read more at Curbed LA.

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A Lack Of Affordable Student Housing Is Having Severe Impacts On The Bay Area, Experts Say

The Bay Area’s affordability crisis is not just hitting low-income and middle-class families. Local universities are struggling with ways to provide affordable housing for students, teachers and staff. Without affordable housing, students are less likely to succeed at these schools and universities cannot recruit and retain talented faculty and staff.

“We are getting our asses kicked by New York. We pretty much accept the top art students in the world, and we lose them to Pratt in Brooklyn because they have housing,” California College of the Arts Director of Research and Planning David Meckel said. “The California Conservatory of Music has the same problem. They just lose them to Julliard.”

Meckel, along with developers, consultants, designers and other education administrators, discussed the challenges and impacts associated with a lack of affordable student housing during Bisnow’s NorCal Student Housing & Development event Wednesday.

Read more at Bisnow.com.

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Pent-Up Demand Causing Student Housing Boom, Expert Says

With thousands of units of student housing underway throughout Northern California, the region is undergoing a mini boom in student housing. In addition to local, private colleges, the Cal State and University of California systems are scrambling to meet demand.

“There has been little to no new student housing built, sometimes for decades until only recently,” AMCAL CEO Percy Vaz said.

While student housing development has been around for years, it was recognized in its own right in 2016 by several financial institutions, and large equity funds are now financing these projects more, according to Vaz, who will be speaking at Bisnow’s NorCal Student Housing & University Development event June 21. He said the returns are similar to multifamily and may be slightly higher.

Read more at Bisnow.com.

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