What Amcal does

AMCAL Multi-Housing, Inc. is a privately-held, family-owned multi-family real estate developer founded in 1978 by Percival Vaz and Lux Vaz and headquartered in Agoura Hills, California. The company designs, finances, develops, constructs, and asset-manages rental housing communities across four product lines — affordable, student, market-rate, and workforce — operating in California, Texas (via the AMTEX subsidiary), and Washington (via the AMWA affiliate). The portfolio exceeds 14,000 completed multi-family units and more than $2.5 billion in total development value across 70+ public-private partnerships, supported by $900M+ in cumulative tax credit equity raised.

The company's underlying capability is integrated vertical execution: every project is staffed with an in-house project manager, construction manager, and asset manager rather than relying on outsourced construction supervision. AMCAL has built to LEED Silver standards since 2007 and is pursuing Net Zero energy design, with disclosed certifications including five Platinum, eight Gold, four Silver, and three Green Point ratings. Resident services are delivered through the Partnership for HOPE program with nonprofit partner LifeSTEPS.

Revenue is generated through a mix of rental income from completed and retained properties, developer fees on partnership projects, and asset management fees. Affordable housing is financed primarily via Low-Income Housing Tax Credits (LIHTC), supplemented by HUD 221(d)(4) programs, tax-exempt bonds, and construction lending from institutions including Bank of America, JPMorgan Chase, Greystone, Hudson Housing Capital, and Citi Community Capital. Pricing is income-tiered: affordable rents are structured to AMI bands (30–60% for low-income, 60–120% for workforce), student housing is leased by the bed on 50-week terms, and market-rate units command prevailing market rents. The go-to-market is enterprise field sales through direct relationships with municipalities, housing finance corporations, universities, and state entities.

Name

Amcal

Legal name

AMCAL

Website

https://amcalhousing.com

Company type

Private

Founded year

1978

Operating status

Operating

Headcount range

51–100 employees

Short description

AMCAL is a privately-held, family-owned multi-family housing developer founded in 1978, building affordable, student, market-rate, and workforce rental communities across California, Texas, and Washington via integrated in-house development, financing, and construction.

Ownership category

akta.pro rank

Headquarters

HQ city

Agoura Hills

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Housing Development and Rental Income: AMCAL develops affordable, market-rate, student, and workforce rental housing communities. Revenue is generated through rental income from completed properties and potentially property sales.
2. Tax Credit Financing: AMCAL utilizes Low-Income Housing Tax Credits (LIHTC) and other government incentive programs to finance affordable housing development, having raised over $900M in tax credit equity.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

AMCAL is a multi-family real estate developer that designs, finances, builds, and manages affordable, market-rate, student, and workforce rental housing communities in California, Texas, and Washington. The company secures financing through tax credits and government partnerships, develops apartment communities in-house using LEED-certified sustainable construction practices, and manages or leases the completed properties. It also operates through regional sub-brands AMTEX (Texas) and AMWA (Washington) and has completed more than 14,000 multifamily units across 70+ public-private partnerships.

Product overview

AMCAL is a multi-family real estate development company offering a portfolio of housing products across California, Texas, and Washington. The company operates through four core housing types: Affordable Housing (serving low-income residents through government-subsidized programs and tax credit financing), Student Housing (purpose-built off-campus communities near universities), Market-Rate Housing (traditional luxury apartments), and Workforce Housing (for middle-income earners at 60-120% AMI). AMCAL also operates subsidiary brands AMTEX (for Texas markets) and AMWA (for Washington markets). The company provides comprehensive development services including land acquisition, financing, construction, and property management, with a focus on green building practices and LEED certification. The portfolio includes over 14,000 multi-family units completed across 70+ public-private partnerships.

Differentiator

Problem solved

Functional benefit

Products and services

• Affordable Housing Development

Quantifiable outcome

• 14,000+ multi-family units completed
• +5 more outcomes

Named customers8 records

Segments6 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Twelve partnerships are on record, tiered core and minor.

• Coalition for Responsible Community DevelopmentcoreStrategic or Co-development Partner · 1 January 2024Local community-based nonprofit specializing in youth development programs, workforce and economic development, affordable housing development, and housing and supportive services. Partnership for La Prensa Libre project in Historic South Central Los Angeles.
• YMCAminorStrategic or Co-development Partner · 1 January 2023Partnership at Richcrest Apartments where YMCA provides on-site after-school enrichment programming, classes and supportive services to residents.
• SwensoncoreStrategic or Co-development Partner · 1 January 2017Joint venture partnership for The Grad San Jose - a 19-story, 260-unit student housing project one block from San Jose State University. $190 million project.
• Coleraine Capital GroupminorStrategic or Co-development Partner · 1 January 2017Joint venture partner that sourced the land and assisted with entitlement process for The Crossings student housing project near CSUS.
• LifeSTEPScoreStrategic or Co-development PartnerNon-profit partner that delivers social services to residents including Skills Training and Educational Programs. Together created Partnership for HOPE (Housing Opportunities and Personal Empowerment) providing scholarships, emergency assistance, and youth enrichment serving 10,000+ residents in 44 communities.
• Fort Worth Housing SolutionscoreStrategic or Co-development PartnerPublic housing authority partnership for multiple affordable housing developments in Fort Worth including Campus Apartments (224 units), Alton Park, The Lee (399 units), and The Holston (520 units).
• City of HoustoncoreStrategic or Co-development PartnerPartnership for Richcrest Apartments (288-unit affordable housing) and other Houston developments. Working with Harris County Community Services Department on federal disaster recovery funding from Hurricane Harvey.
• Travis County Housing Finance CorporationcoreStrategic or Co-development PartnerPartnership for Limestone Ridge Senior Apartments (225 units) and McKinney Falls Apartments (312 units family community) in Austin, Texas.
• City of Santa AnacoreStrategic or Co-development PartnerPartnership for First Street Apartments (69-unit affordable housing) with $8.5 million in city funding from affordable housing funds.
• City of Long BeachcoreStrategic or Co-development PartnerPartnership for Las Ventanas (102-unit affordable housing) near Metro Blue Line PCH Station, with Long Beach Community Investment Company.
• Asset Campus HousingminorStrategic or Co-development PartnerProperty management partner for student housing communities including The Crossings near CSUS and The Vista near CSU Stanislaus.
• FPI Management, Inc.minorStrategic or Co-development PartnerProperty management partner for Cedar Pointe senior affordable housing project in Arlington, Washington.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• BRIDGE Housing Corporation: California-focused nonprofit developer of affordable and mixed-income housing, working closely with cities and counties in CA. Competes with AMCAL for the same affordable LIHTC allocations, public-private partnerships, and municipal RFPs in California.
• EAH Housing: Nonprofit affordable housing developer with a strong California and Hawaii footprint (plus expansion states), developing LIHTC-financed multifamily for families, seniors, and special needs. Directly comparable segment focus (affordable + special needs) and geography to AMCAL.
• WinnCompanies: Family-owned developer and manager of affordable, market-rate, and mixed-income multifamily housing, with deep LIHTC expertise and a footprint across multiple states. Closest scale and operating model parallel to AMCAL, including in-house property management.
• The Michaels Organization: Largest privately-held affordable housing developer in the US, developing and managing affordable, market-rate, student, and military housing. Directly comparable to AMCAL in integrated build-to-hold model, LIHTC reliance, and multi-segment portfolio across similar geographies.
• LINC Housing: Long-standing California nonprofit affordable housing developer focused on LIHTC, mixed-income, and special-needs housing in partnership with CA cities and counties. Directly comparable segment and geographic overlap, often bidding against AMCAL for city RFPs.
• The John Stewart Company: California-headquartered developer, owner, and manager of affordable and mixed-income housing with hundreds of partnerships with municipalities and housing authorities. Operates in AMCAL's core California market with similar LIHTC-driven development model.

Broad incumbents

• Related Companies: One of the largest US developers of affordable, mixed-income, market-rate, and student housing through Related Affordable and Related Build. Far larger and more diversified than AMCAL, but competing for the same large LIHTC deals and public-private developments.
• Essex Property Trust: Public multifamily REIT focused exclusively on West Coast (California, Washington) apartments. Overlaps with AMCAL's market-rate and geographic footprint but operates via a buy-and-hold REIT model rather than ground-up affordable development with LIHTC.
• Greystar Real Estate Partners: Largest US multifamily developer, operator, and investment manager across market-rate, student, and affordable housing. Much larger scale and broader geographic reach than AMCAL but competes on student housing RFPs near CA universities and increasingly on LIHTC.
• Equity Residential: Large public multifamily REIT with significant California, Washington, and select Texas exposure in market-rate apartments. Competes with AMCAL's market-rate segment for tenants and land in CA/WA but does not participate in LIHTC affordable housing.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutu.be/-hYINhPh_Co

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Amcal