Gables Residential, multifamily community management and development leader, has struck agreements with Luminia to supply highly flexible financing solutions for implementing several sustainability upgrades across several apartment communities in California.

Gables will use Luminia's custom financial structures to install solar carports and electric vehicle (EV) charging stations that will reduce operating costs while creating new revenue streams, focusing on environmental sustainability.

Beyond solar and EV charging infrastructure, Luminia's financing solutions offer a variety of energy efficiency upgrades for most commercial real estate buildings, including energy storage, reroofing, HVAC, and lighting upgrades.

Sue Ansel, President and CEO of Gables, said: 

"Gables Residential has, for many years, focused on being an industry leader in sustainability efforts in 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. 

"Luminia was extremely supportive in working with us to customise financing solutions that accommodated our needs and created value. The projects we have committed to with Luminia are creative and bring greater financial benefits than we initially envisioned.”

Luminia analysed Gables’ portfolio to identify, prioritise, and select the initial group of communities to install solar and EV chargers to enhance Gables’ performance. By utilising Luminia’s unique solution, Gables maximises the solar system’s environmental benefit by offsetting energy usage in common areas such as the office, pool, and clubhouse and offsetting tenant usage.

The solar system allows Gables to provide additional resident benefits, such as solar opt-in programmes in partnership with Ivy Energy—which would enable 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. The solar system installation increases Gables’ property value in a competitive marketplace and enhances their environmental efforts.

Jim Kelly, the co-managing partner of Luminia, said: 

"Working hand-in-hand with Gables to develop a customised 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. Through flexible financing, we are turning standard sustainability and energy efficiency upgrades into attractive, revenue-generating assets for commercial portfolio owners.”

Source: Businesswire

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