Improving Operations in Multifamily Properties with Eco-Efficiency
Multifamily residences can have significant energy and water use impacts. Residential lighting accounts for 14 percent of total residential electricity consumption in the United States. Water use in inefficient multifamily residences can be up to 150 gallons of water per day. Real estate management companies can minimize their environmental footprint and associated costs by utilizing efficient lighting and water fixtures.
KKR engaged Crossbeam Portico on a portfolio of multi-family properties spread across the United States.
In 2015, Crossbeam Portico began partnering with the Green Solutions Platform (GSP) team on evaluating energy and water efficiency projects, including:
- Interior and exterior lighting upgrades, including in residential spaces, to improve energy efficiency.
- Boiler controls to reduce energy use to produce hot water.
- Toilet and showerhead replacements to reduce water use.
In the first half of 2016, the Crossbeam Portico team implemented a number of the identified efficiency projects, for example, the company expects:
- Three lighting projects to save 1,250,000 kWh in electrical usage and almost $107,000 per year. Further lighting projects are expected to be implemented in late 2016 and early 2017 with projected savings of $43,000 and almost 879,000 kWh in electrical usage per year.
- A boiler control project to save almost 24,000 therms of natural gas usage and approximately $114,000 per year.
- A water use reduction project to save almost 12,042,000 gallons of water usage and approximately $118,000 per year.
- While its work with the GSP team began in 2015, Crossbeam Portico began participating in KKR's green program in 2016 and expects to communicate results in 2017.
About Crossbeam Portico: Crossbeam Portico is an institutional real estate investment manager providing capital for development and acquisition of multifamily properties. Its vertically-integrated management team has decades of combined experience in real estate acquisition, development and re-development, investment, asset management, property management and finance, with more than $5 billion in U.S. - based transactions. The company operates offices in Atlanta, Bethesda, Dallas, Denver, Houston, and Tiburon, Calif. To learn more, visit crossbeamcapital.com