NEWS

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

Logo of Top 50 Developers

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.

This article originally appeared in Affordable Housing Finance Magazine. Visit that site to read the entire article.

Push For Affordable Housing On MTS Land Showing Results

San Diego trolley photo

Our Villa Encantada project in San Diego was mentioned in this article about transit-oriented developments.

MTS officials recently authorized negotiations with a development team seeking to build affordable housing on an underutilized trolley station parking lot. If approved, the proposal would more than triple the number of middle-income homes approved in San Diego since 2010.

This comes less than six months after MTS updated its real estate policy to encourage more housing near transit stations—an effort that appears to be showing some results.

The plan for the Palm Avenue station parking lot came from National Core, a nonprofit affordable housing developer, and Malick infill, a for-profit firm specializing in transit-oriented development. The team is proposing 150 homes for low-income households and 100 homes for middle-income households, along with retail and commercial space and parking for trolley passengers.

The MTS executive committee voted March 14 to start negotiations with the development team, after a 30-day window in which staff sought competing proposals but received none. The development team declined an interview request while negotiations are ongoing.

Opening near Tarrant County College in Fort Worth: Affordable housing for the workforce

Campus Apartments exterior building view

March 6, 2019 – Fort Worth, TX – Fort Worth Housing Solutions (FWHS) will open Campus Apartments, its newest affordable housing community near the Tarrant County South Campus, in late March.

Developed with Low-Income Tax Credits in a partnership with AMTEX, the 224-unit community features 10 market-rate units and 214 units for households earning less than 60 percent of the area’s median income (AMI).   Fifteen of the affordable units will be new homes for families relocating from Butler Place Apartments under HUD’s Rental Assistance Demonstration (RAD) program.  The property has already leased all its one- and three-bedroom units due to the high demand for affordable housing as well as the visible, convenient location at 4366 Campus Drive.

“Campus Apartments will help meet our city’s pressing need for housing that is reasonably priced for the workforce,” said Mary-Margaret Lemons, FWHS president.  “We’re especially proud of the property’s modern finishes, amenities and proximity to public transportation, schools and TCC.”

Campus Apartments sits across the street from a Trinity Metro bus stop and within walking distance to the Tarrant County Resource Connection and O.D. Wyatt High School. The community features an elegant clubhouse with business and fitness centers and an activity room; swimming pool, playground and dog park.

“We appreciate our partnership with FWHS to bring these beautiful new apartments to market,” said Arjun Nagarkatti, president of AMTEX Multi-Housing, Inc. “Including the Campus project, we have 739 apartments that we have partnered on and are either completed or in construction in the Fort Worth community. We look forward to developing many more projects like Campus Apartments in the Fort Worth community in the future.”


AMWA Begins Construction on a New Affordable Senior Community in Arlington, Washington

Artist's rendering of Cedar Pointe apartments

AMWA Development, Inc., announced  that it closed financing and will start construction on 255 new affordable apartments for seniors in the Smokey Point community of Arlington, Washington. located at 17309 40th Avenue, Arlington, WA 98223.

Cedar Pointe is a 55+ apartment community being constructed on a 4.05-acre site in a single, four-story elevator building with 175 one-bedroom units and 80 two-bedroom units, including a one-bedroom manager’s unit. Once completed, Cedar Pointe’s 1 and 2 bedroom apartment homes will feature modern appliances including washer and more. All units will be affordable to seniors earning 60% of the Area Median Income.

Interior community spaces will include a leasing office, community room, media room, exercise room, two private dining rooms, and a business center. The development will be located near shopping, recreation, transportation and other services.

“We are pleased to be developing these new high-quality apartments for seniors in the Smokey Point area and to be assisting the City of Arlington in meeting the city’s goals for a diverse and creative mix of new housing,” said Percy Vaz, CEO of AMWA Development, Inc. “It has been a pleasure working with the City of Arlington and we want to thank the Mayor, City Council and staff for all the cooperation and support.  We are also grateful our financing partners, including the Washington State Housing Finance Commission, Hudson Housing Capital and Citi Community Capital. This is our first partnership with WSHFC and we look forward to more successful partnerships.”

Construction is being overseen by AMWA Construction, Inc.

The community is set to be completed in August 2020 and will be managed by FPI Management, Inc.

Cedar Pointe is the first real estate development project in Washington for AMWA Development, Inc., an independently owned and operated affiliate of AMCAL, a Southern California-based real estate development organization.

AMWA Development, Inc. 

AMWA Development, Inc., is an independently owned and operated affiliate of AMCAL, a leading group of allied real estate companies. Founded in 1978, AMCAL and its affiliates have developed more than $1.5 billion in multifamily residential properties consisting of more than 6,500 units in California, Texas, Washington, Arizona and Louisiana, including affordable housing, luxury apartment housing and student housing.

Passion for Housing

Photo of Percy Vaz

AMCAL CEO Percy Vaz is featured in the current edition of Affordable Housing Finance Magazine in an article titled “Passion for Housing.”

Brick by brick and town to town, the AMCAL group of companies does the hard work of building affordable and market-rate housing throughout California and Texas.

During its 40 years, the firm has developed more than 80 communities with 7,500 units and an equally impressive reputation for creating quality housing for families, seniors, and, more recently, college students.

Not bad for a company that Percival Vaz and his wife, Lux, began in their garage.

Armed with an entrepreneurial spirit, Vaz, the firm’s founder and CEO, emigrated to California from India in the mid-1960s to study electronics, earning bachelor’s and master’s degrees from the University of California at Los Angeles, with the idea of returning to his home country to open an electronics assembly plant.

This article originally appeared in Affordable Housing Finance Magazine. Read more of the article on that website.

Alton Park Nears Completion in Fort Worth

Alton Park apartments leasing center

AMTEX Development’s newest community in Fort Worth, Texas, is nearing completion.

Fort Worth Housing Solutions will celebrate its 80th anniversary this year with the grand opening of its newest multi-family affordable property, Alton Park, in northwest Fort Worth.

Alton Park joins four other mixed-income apartment communities opening this year thanks to the housing authority’s aggressive efforts to expand the supply of affordable housing in Fort Worth.

“We are happy to be working with both the city and a few select developers to deliver high-quality, affordable housing options for the residents of our rapidly growing city,” Mary-Margaret Lemons, the housing authority’s president, said in a news release. “Never in our 80 years of history have public/private partnerships been so critical to fulfilling our mission.

This article originally appeared in Fort Worth Business Press. Visit that news site to read more.

AMTEX Completes Parkdale Villas in Denison, Texas

Parkdale Villas pool area

AMTEX completed its newest project, Parkdale Villas, in Denison, Texas, and has been featured in the Herald-Democrat newspaper.

Parkdale Villas brings low-income housing to Denison

A new 144 unit apartment facility bringing low income housing to Denison opened earlier in the month.

The apartments utilize a new tax incentive to provide low income housing instead of relying on federal government programs, and according to the developer are already nearly rented out. Darin Hansen, vice president of forward planning and entitlements for Amtex Development, the developer of the property, said he was excited to bring these low-cost apartments to the city of Denison.

Multifamily Executive Magazine Recognizes AMCAL CEO Percy Vaz with 2018 Executive of the Year Award

Lux and Percy Vaz at Multifamily Executive Magazine conference holding award

CEO Percy Vaz was awarded the 2018 Executive of the Year Award by Multifamily Executive Magazine on September 18, 2018, at the magazine’s annual conference in Las Vegas. Recognizing his wife Lux, who helped him start the company 40 years ago, Percy thanked her in his speech at the festive event along with the magazine for recognizing his company’s accomplishments. MFE Magazine published a special article about Percy, titled “Percival Vaz’s Passion for Housing Defines AMCAL’s Development Strategy.”

Read more about this award at Multifamily Executive Magazine.

Commuter college no more? Here comes housing for 4,000 students near Sac State

The Crossings Apartment building

Developers plan to build housing for 4,000 Sacramento State University students near Highway 50 and Folsom Boulevard, creating a new “university village” south of the campus, and reducing student commutes and traffic and parking woes.

It’s an annual college rite. But not a good one. When Sacramento State opens its doors next week for the fall semester, most students will arrive in cars, commuting to a campus and surrounding area long known for lack of student housing.

That may soon change in a big way.

This article originally appeared in the Sacramento Bee. Visit that new site to read more.

AMCAL Equities’ Student Housing Community in Turlock Achieves LEED Silver Certification

Exterior view of The Vista apartment building

New student housing community across from Stanislaus State University achieves leading “green” status

Agoura Hills, CA—AMCAL Equities, LLC announced today (June 25, 2018) that its newest student housing community, The Vista in Turlock, California, has been awarded LEED Silver certification. The LEED (Leadership in Energy and Environmental Design) rating system, developed by the U.S. Green Building Council (USGBC), is the foremost program for buildings, homes and communities that are designed, constructed, maintained and operated for improved environmental and human health performance.

The eco-friendly, LEED silver designed property, which opened in summer 2017, is a purpose-built student residential complex with 660 beds/180 units located at 900 W. Monte Vista Ave., Turlock, CA 95382, is directly across the street from the California State University, Stanislaus (CSUS) campus. The Vista is situated on three parcels totaling approximately 9.7 acres with three four-story buildings including a 6,460-square-foot fully-loaded club house that features outside volleyball and basketball courts, and a resort-style swimming pool.

“The work of innovative building projects such as The Vista is a fundamental driving force in transforming the way buildings are built, designed and operated,” said Mahesh Ramanujam, president and CEO, USGBC. “Buildings that achieve LEED certification are lowering carbon emissions, creating a healthier environment and reducing operating costs while prioritizing sustainable practices. Because of The Vista, we are increasing the number of green buildings and getting closer to USGBC’s goal to outpace conventional buildings, while being environmentally and socially responsible and improving the quality of life for generations to come.”

The Vista project received a 6 out of 6 rating in the alternative transportation – public transportation access category for its proximity to public transportation ensuring ease of commuter access, and achieved high ratings in other categories including development density and community connectivity and alternative transportation – low-emitting and fuel-efficient vehicles.

“AMCAL has a history of locating the communities we develop close to urban hubs to make sure residents can easily access community amenities,” says Percy Vaz, AMCAL’s CEO. “We are particularly proud to have received LEED certification on the second student housing community we have completed, and will continue to pursue high green standards in our projects. Green building helps achieve excellent performance in key areas of human and environmental health. Each new LEED certification is one step closer to revolutionizing the environment in which live, work, play and study.”

Projects pursuing LEED certification earn points across several categories, including energy use and air quality. Based on the number of points achieved, a project then earns one of the four LEED rating levels: Certified, Silver, Gold or Platinum.

AMCAL has earned LEED status for several of its projects including five Platinum, eight Gold, four Silver (including The Vista), and three Green Point certifications. AMCAL has built to LEED Silver certification since 2007, well ahead of industry adoption.

In addition to The Vista, AMCAL is set to open two new student-programmed communities near CSU campuses in Chico and Sacramento this summer, and is currently constructing a 260 unit/1,039 bed off-campus student housing project located on a 1.5-acre site within one block of San Jose State University (SJSU) in San Jose, California, to be completed in 2020.

About AMCAL Equities, LLC Founded in 1978, the AMCAL group of companies is one of the nation’s leading housing development companies, developing quality rental and ownership residential properties throughout California and Texas, including affordable housing, luxury apartment housing and student housing. AMCAL has developed more than $1.5 billion in multifamily housing and market-rate apartment projects consisting of more than 6,500 units. The value of AMCAL developments currently under construction exceeds $1 billion. AMCAL is headquartered in Agoura Hills, CA and maintains offices in Orange County, and West Los Angeles, California, and Dallas, Texas.

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