SACRAMENTO, Calif.--(BUSINESS WIRE)--AMCAL Equities, LLC announced today that it closed financing and started construction on The Crossings—a new 225-unit, student housing community that will provide 750 beds to serve the students of California State University, Sacramento (CSUS). Located at 2920 Ramona Avenue, the new community, slated for completion in August 2018, will feature state-of-the-art amenities and pedestrian-friendly proximity to the CSUS campus, only 0.2 miles from the University’s south entrance.
AMCAL Equities, LLC, developer and owner of the $75 million project, funded the student housing development with $22.5 million in equity investment funding from Irvine-based Anchor Real Estate Capital and a $50 million construction loan from JPMorgan Chase.
The University, which does not require students to live on campus, currently supplies beds for only 1,672 students, or 5.5% of its undergraduate student body. The limited on-campus inventory, increasing off-campus rental rates and a low 2% vacancy rate near the Sacramento campus demonstrate the difficulties students face when seeking housing.
To increase the supply of area student housing, CSUS trustees adopted a 20-year campus master plan in 2015 that aims to increase the number of campus beds to 2,900 (representing just 10% of its 32,000 student body) by 2035. The university is currently constructing a 416-bed residence hall, but total on- and off-campus affiliated housing accounts for only 2,438 students.
High demand and lack of on- and off-campus housing in the area will make The Crossings a top go-to residential choice for CSUS graduate and undergraduate students, according to Percival Vaz, CEO of AMCAL.
Designed by leading student housing architect Humphreys & Partners Architects, LP, 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. Responding to this city initiative, The Crossings will house an 11,000-square-foot Center for Innovation as a central commons for students, faculty and businesses to exchange knowledge, build connections and stimulate innovation. It will also offer space for retail shops, an eatery and convenience stores.
AMCAL General Contractors, Inc. will oversee construction of the 9.05-acre student housing community that will be built to LEED silver standards and will feature energy-efficient elements such as Energy Star appliances. The community will include three five-story wood-framed, elevator-equipped student housing buildings totaling 334,250 square feet; a 14,800- square-foot clubhouse with outdoor basketball court and a resort-style swimming pool; and the Center for Innovation.
“Quality student housing is greatly needed in the CSUS campus area,” said Vaz. “We are pleased to provide this amenity-rich, eco-friendly housing for the university and to help students succeed and thrive.”
A $4.7 million Ramona Avenue roadway improvement project currently under construction will give The Crossings’ student residents direct access from their homes to the CSUS campus via a new lighted sidewalk, bike path and other updated roadway features. The Ramona extension will pass underneath the existing US Highway 50 and railroad tracks and is scheduled to be completed by the City of Sacramento and Caltrans before The Crossings’ scheduled debut in August 2018.
Students at The Crossings will live in residential suites with a full-sized kitchen, living area and one to four bedrooms. Each student will have his or her own private bedroom and bathroom individually keyed for privacy and security. All student residences will be fully furnished and feature hi-speed wi-fi for internet connectivity.
Surface parking will be provided for 432 cars and 475 bicycles. All buildings will be protected with an automated fire/life safety system, access controlled-entries and video surveillance system.
The Crossings is scheduled to begin leasing by August 1, 2017, and will be property-managed by Asset Campus Housing, a leader in the management of student housing nationwide.
About AMCAL Equities LLC Founded in 1978, the AMCAL group of companies is one of the nation’s leading housing development companies, developing quality rental and ownership residential properties throughout California and Texas including affordable housing, luxury apartment housing and student housing. AMCAL has developed more than $1.5 billion in multifamily housing projects consisting of more than 6,500 units. AMCAL entered the student housing development market in 2012 and has built 579 beds of student housing in Monterey, California, with 4,482 more student housing beds in the pipeline. The value of AMCAL developments currently under construction exceeds $270 million. AMCAL is headquartered in Agoura Hills, CA and maintains offices in Irvine, West Los Angeles, California, and Dallas, Texas. For more information on AMCAL, please visit: www.amcalhousing.com