Multifamily developer Gables Residential is updating many of its California communities, with a focus on achieving environmental sustainability, via custom financial structures crafted by Luminia. The deal includes solar carports, EV charging infrastructure and a range of energy efficiency upgrades such as energy storage, reroofing, HVAC and lighting upgrades for most commercial real estate properties.
“Gables Residential has, for many years, focused on being an industry leader in sustainability efforts at our communities. Adding solar power generation is the next step for the company to increase our use of renewable energy in a way that makes economic sense for our residents and investors,” said Sue Ansel, President and CEO of Gables.
Luminia analyzed Gables’ portfolio to identify, prioritize and select the initial group of communities to install solar and EV chargers that will enhance Gables’ performance. Gables will maximizes the solar by not only offsetting energy usage in common areas such as the office, pool and clubhouse, but also offsetting tenant usage.
The solar system allows Gables to provide additional resident benefits, such as solar opt-in programs in partnership with Ivy Energy – which allow residents to receive solar power from Gables at a cost less than utility electricity – while amenities like covered carport parking and EV charging increase overall resident satisfaction and retention.
“Working hand-in-hand with Gables to develop a customized solution based on their needs as a real estate investment trust, we were able to create a blueprint that could apply to communities across Gables’ nationwide portfolio in the future,” said Jim Kelly, co-managing partner of Luminia. “Through flexible financing, we are turning standard sustainability and energy efficiency upgrades into attractive, revenue-generating assets for commercial portfolio owners.”
Overall, the solar system installation increases Gables’ property value in a competitive marketplace and enhances their environmental efforts.
Tags: commercial and industrial
