AMCAL’s Founder and CEO was inducted into the Affordable Housing Finance Magazine’s Hall of Fame on November 14, 2022, at a special awards ceremony in Chicago. Vaz is the founder and CEO of the AMCAL group of companies, one of the most active affordable housing developers in the West and South. Read the article at this link.
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.
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.
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.
