AMCAL Equities recently sold its student housing community — The Crossings — near California State University, Sacramento. The sale was originally featured in a CoStar article on the CoStar.com website.
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.
This article originally appeared in Affordable Housing Finance Magazine. Visit that news website to see the article.
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.”
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/.
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.
This article originally appeared in the Houston Chronicle. Visit that news website to see the article.
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.
This article originally appeared in the Los Angeles Business Journal. Visit that news site to read more.
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.
This article originally appeared in the Silicon Valley Business Journal. Visit that news site to read the rest of the article.
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)
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 a 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.
This article originally appeared in the San Jose Business Journal. Visit that news site to read the entire article.
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.
This article originally appeared in the Long Beach Press Telegram. Read the entire article on that news site.
In the photo that appears with this story is a group of people at a construction site with shovels to celebrate the breaking of ground on a new project. The following people appear in the photo from 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