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.