(Read more on the multifamily market.)

AGOURA HILLS, CA-Amcal Multi-Housing Inc. has launched a new division called Amcal Equities that will acquire, reposition and dispose of properties in the Western US. The multifamily specialist has set a goal of investing $30 million in the first year and $50 million in the second year of the new division’s operations.

The new division is a response to Amcal’s rapid growth throughout Northern and Southern California. The company, which develops work force and low-income housing, plans through the new division to acquire existing income-producing properties that are currently underperforming or have significant added-value potential.

According to Percival Vaz, president of Amcal, the company originally envisioned the new division two years ago as a means of expanding without relying solely on development and construction income. He says that the new division will leverage the Amcal brand and will “address the growing need to rehabilitate and reposition predominantly existing multifamily and retail properties.”

Amcal Equities has already closed escrow on California Plaza, a 69-unit property in South Gate, in southeast Los Angeles County. In addition, the new division is reviewing a number of offerings for acquisition and rehabilitation.

Amcal, which has developed housing throughout California since 1978, has focused on the affordable housing sector in recent years, including family and senior apartments, as well as for-sale housing in emerging urban neighborhoods. The value of its projects currently under development exceeds $370 million.

Among the Agoura Hills-based company’s newest projects is Maywood Villas, a 54-unit senior affordable complex located five miles southeast of Downtown Los Angeles. Located between 5601 and 5609 S. Atlantic Blvd. in Maywood, the new development features 42 one-bedroom units at 540 sf and 12 two-bedroom units at 740 sf.

Amenities at the new complex include a community recreation room and interior landscaped open courtyards. Maywood Villas also features space for three retail suites, designed to provide services for residents while adding pedestrian activity to the development.

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