AGOURA HILLS, Calif., Dec. 3, 2018 — AMWA Development, Inc., announced today that it closed financing and will start construction on 255 new affordable apartments for seniors in the Smokey Point community of Arlington, Washington at 3905 172nd Street NE (and 40th Avenue NE).
Cedar Pointe is a luxury 55+ apartment community being constructed on a 4.05-acre site in a single, four-story elevator building with 175 one-bedroom units and 80 two-bedroom units, including a one-bedroom manager’s unit. Once completed, Cedar Pointe’s 1 and 2 bedroom apartment homes will feature modern appliances including washer and more. All units will be affordable to seniors earning 60% of the Area Median Income.
Interior community spaces will include a leasing office, community room, media room, exercise room, two private dining rooms, and a business center. The development will be located near shopping, recreation, transportation and other services.
“We are pleased to be developing these new high-quality apartments for seniors in the Smokey Point area and to be assisting the City of Arlington in meeting the city’s goals for a diverse and creative mix of new housing,” said Percy Vaz, CEO of AMWA Development, Inc. “It has been a pleasure working with the City of Arlington and we want to thank the Mayor, City Council and staff for all the cooperation and support. We are also grateful our financing partners, including the Washington State Housing Finance Commission, Hudson Housing Capital and Citi Community Capital. This is our first partnership with WSHFC and we look forward to more successful partnerships.”
Construction is being overseen by AMWA Construction, Inc.
The community is set to be completed in August 2020 and will be managed by FPI Management, Inc.
Cedar Pointe is the first real estate development project in Washington for AMWA Development, Inc., an independently owned and operated affiliate of AMCAL, a Southern California-based real estate development organization.
AMWA Development, Inc.
AMWA Development, Inc., is an independently owned and operated affiliate of AMCAL, a leading group of allied real estate companies. Founded in 1978, AMCAL and its affiliates have developed more than $1.5 billion in multifamily residential properties consisting of more than 6,500 units in California, Texas, Washington, Arizona and Louisiana, including affordable housing, luxury apartment housing and student housing. Information: amcalhousing.com.