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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.

AMCAL’s Los Angeles – Florence Project is Featured

Artist's rendering of Florence Apartments

In unincorporated Florence, AMCAL Multi-Housing Company has proposed redeveloping a County library as part of a mixed-use affordable housing complex.

The project, slated for a one-acre site at 1600-1616 E. Florence Avenue, would create a five-story building featuring 116 units of senior affordable housing, as well as a replacement library at its ground floor.

VTBS Architects is designing the building, which would rise one block west of the Blue Line’s Florence Station.

The $51-million project is seeking approximately $7 million in County funding.

Read more of the article in Urbanize.la.

AMCAL Receives 40th Anniversary Commendation from the City of Los Angeles

Photo of the City of Los Angeles Commendation to AMCAL on the company's 40th anniversary in 2018

AMCAL is happy to have received a special commendation from City of Los Angeles Mayor Eric Garcetti on AMCAL’s 40th Anniversary. It reads:

On behalf of the City of Los Angeles, I am pleased to extend congratulations to Percy and Lux Vaz, upon the 40th anniversary of AMCAL. With recognition of the various contributions made to Affordable, Student and Market Rate over the past 40 years. I commend your strong work ethic to service and to always placing the community first.

 

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

Groundbreaking ceremony photo for the start of construction of the Ramona Avenue extension in Sacramento

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.

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

Artist's rendering of The Grad San Jose apartment building with courtyard view

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.

This story originally appeared in The Mercury News. Visit that news site to read more.

The Clarendon will bring 335 apartments to Woodland Hills

Artist's rendering of Clarendon apartments

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.

Pent-Up Demand Causing Student Housing Boom, Expert Says

Photo of Percy Vaz

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.

AMTEX Breaks Ground on Parkdale Villas in Denison, Texas

Parkdale Villas groundbreaking ceremony photo with men and shovels

Denison officials and developers broke ground Friday on a new, 140-unit apartment complex that will offer low-cost, affordable rentals for low- to moderate-income tenants and residents. The $21 million Parkdale Villas development, which will be built on 12 acres near the intersection of North Parkdale Lane and FM 120 by Amtex Development, will utilize federal tax credit programs to ensure low-cost rent.

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