By Jeffrey Steele
The 225-unit development is scheduled for completion in August of next year.
Sacramento, Calif.—AMCAL Equities LLC has closed financing and launched construction on a new student housing community serving California State University, Sacramento (CSUS) students. The 225-unit development is scheduled for completion in August of next year. Located just one-fifth of a mile from the university, it will deliver 750 beds, state-of-the-art amenities and pedestrian-friendly nearness to the CSUS campus.
The $75 million project on 9.2 acres has been funded by Agoura Hills, Calif.-based AMCAL, which used $22.5 million in equity investment funding from Irvine-based Anchor Real Estate Capital and a $50 million JPMorgan Chase construction loan.
“We believe there is adequate demand in the marketplace for a new student housing development with our building design, unit types, location and amenities,” AMCAL director of market rate and student housing Stephen Clarke told MHN.
POSTED ON JANUARY 30, 2017 BY NELLIE DAY IN CALIFORNIA
SACRAMENTO, CALIF. — AMCAL Equities LLC has closed financing for and broken ground on The Crossings, a 750-bed student housing community located near the California State University, Sacramento campus.
The $75 million community is being built within the Sacramento Center for Innovation, an area that has been designated by the city to foster the exchange of technical knowledge and expertise between students, faculty, innovative businesses and technology companies. The project will include an 11,000-square-foot Center for Innovation, to be used by students and faculty.
Community amenities will include fully furnished units, a 14,800-square-foot clubhouse with an outdoor basketball court and a resort-style swimming pool. The developers received $22.5 million in funding from Anchor Real Estate Capital, and a $50 million construction loan from JPMorgan Chase.
The student housing inventory in Chico looks, to be kind, a little dated. Chico certainly hasn’t kept up with the times, whether it’s housing provided by university dormitories or by private apartment complexes.
Most student neighborhoods would look modern and hip in roughly 1970, but right now they look like a bulldozer would be the best remedy.
By Kathleen Pender October 19, 2016
Robert Knigge was one of the first settlers in the city’s new urban frontier — the San Francisco Shipyard, a relatively affordable housing development going up on the site of the old Hunter’s Point Naval Shipyard.
Knigge, who has lived in the city since 1992, was looking for a place where his 13- year-old daughter, who lives with him part time, “would be able to go outside and walk around, enjoy the area,” he said. “It’s almost like a suburban location but it’s in the city. I bought a golf cart, she drives me around the neighborhood in it.”
The Shipyard is part of a big (by recent standards) condo-building boom in San Francisco. Citywide, there were 1,200 new units available in September, up 83 percent year over year, according to data from The Mark Co. Most of the new projects are single high-rise buildings in established areas, with units priced at $1,200 per square foot and up on average.
The Shipyard, by comparison, is a collection of mid-rise, low-density buildings (all named for ships) with townhomes and condominiums averaging $800 per square foot, according to developer Lennar. Many have spectacular views of downtown San Francisco and the bay, although those go for more than $800 per square foot.
All units come with one or two parking spots, which is good because there are no shops, restaurants or supermarkets within walking distance. The only public transit is the 19 Muni, although Lennar runs a free shuttle to Caltrain and T- Third Street light rail stations and downtown.
The development one day will cover 500 acres jutting into the bay on the city’s southeastern waterfront, with 220 acres of parks, open space and athletic fields. “We have entitlements for up to 6,500 homes,” said Sean Sullivan, Lennar’s sales director.
Nick Rahaim September 9, 2016
A 55-percent return on investment after two years is a windfall most investors would find difficult to obtain. Yet, that’s likely what the for-profit housing developer AMCAL scored with its $68.5 million sale of the Promontory student housing development to CSU Monterey Bay.
The Promontory, a student housing development that includes 176 apartment and 579 beds at 440 8th St. on the northern edge of campus, has been hailed by the CSUMB administration as a model for future growth.