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A Lack Of Affordable Student Housing Is Having Severe Impacts On The Bay Area, Experts Say

The Bay Area’s affordability crisis is not just hitting low-income and middle-class families. Local universities are struggling with ways to provide affordable housing for students, teachers and staff. Without affordable housing, students are less likely to succeed at these schools and universities cannot recruit and retain talented faculty and staff.

“We are getting our asses kicked by New York. We pretty much accept the top art students in the world, and we lose them to Pratt in Brooklyn because they have housing,” California College of the Arts Director of Research and Planning David Meckel said. “The California Conservatory of Music has the same problem. They just lose them to Julliard.”

Meckel, along with developers, consultants, designers and other education administrators, discussed the challenges and impacts associated with a lack of affordable student housing during Bisnow’s NorCal Student Housing & Development event Wednesday.

Read more at Bisnow.com.

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Pent-Up Demand Causing Student Housing Boom, Expert Says

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.

Read more at Bisnow.com.

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AMCAL is Honored with 2017 PCBC Gold Nugget Award of Merit for its Pacific Pointe Apartments

AMCAL is pleased to announce that it has been honored with a PCBC Award of Merit Honoree for its Pacific Pointe Apartments in San Francisco. Grand Awards will be announced in each category and emerge from the Award of Merit Honorees at the PCBC Closing Ceremonies & Gold Nugget Awards Presentation on Thursday, June 29, 2017.

Pacific Pointe Apartments
San Francisco, California
Builder: Arash Baradaran, Project Executive,
Cahill Contractors
Developer: AMCAL Multi-Housing, Inc.
Architect: David Baker Architects
Photographer: Bruce Damonte

 

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AMTEX Breaks Ground on Parkdale Villas in Denison, Texas

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.

See the full report at the KTEN News site.

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Multi-Housing News “AMCAL Breaks Ground on Sacramento Student Housing”

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.

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Rebusiness Online “AMCAL Equities Breaks Ground on 750-Bed Student Housing Community Near California State University, Sacramento”

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.

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San Francisco Chronicle- SF’s newest neighborhood, the Shipyard, is relatively affordable

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.

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Monterey County Weekly- Private developer wins big with CSUMB student housing

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.

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