SAN DIEGO, Calif., and ATLANTA, Ga., August 17, 2022— Gables Residential, a leader in the management and development of multifamily communities, has signed agreements with Luminia to deliver its highly flexible financing solutions for the installation of multiple sustainability improvements across several apartment communities in California. With a focus on achieving environmental sustainability goals, Gables will leverage Luminia’s custom financial structures to install solar carports and electric vehicle (EV) charging stations that reduce operating costs while creating new revenue streams.
Luminia’s financing solutions support a range of energy efficiency upgrades beyond solar and EV charging infrastructure, 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 was extremely supportive in working with us to customize 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 analyzed Gables’ portfolio to identify, prioritize and select the initial group of communities to install solar and EV chargers that will enhance Gables’ performance. By utilizing Luminia’s unique solution, Gables maximizes the solar system’s environmental benefit 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. The solar system installation increases Gables’ property value in a competitive marketplace and enhances their environmental efforts.
“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.”
To learn how Luminia’s suite of financing solutions makes it simple and profitable for any commercial real estate portfolio owner to increase property value and support tenant retention through energy efficiency and sustainability upgrades, visit luminia.io.
About Gables Residential
Gables Residential is an award-winning, vertically integrated, real estate company and privately held REIT specializing in the development, construction, ownership, acquisition, financing, and management of multifamily and mixed-use communities. Gables Residential owns, develops, and manages communities in high-growth U.S. markets such as Atlanta, Austin, Boston, Dallas, Denver, Houston, South Florida, Southern California and metropolitan Washington, D.C. Gables also provides third party management services in the New York, Baltimore, Frederick, Tampa, Phoenix, Seattle, Charlotte, Central and North Florida markets.
Gables manages approximately 30,000 apartment homes and approximately 225,000 square feet of retail space and has received national recognition for excellence in development, construction, management, sales, marketing, training, and benefits. These achievements reflect the impact of Gables’ experienced and dedicated team members, its superior knowledge of the markets served, and its expertise in development and management. For additional information about the company and its real estate portfolio and services, visit http://www.gables.com.
Founded in 2019, California-based Luminia provides unique financing and technology platform solutions that enable the deployment of commercial property sustainability improvements at scale. Through novel financing options and artificial intelligence-driven commercial real estate portfolio analysis, Luminia empowers commercial and industrial property owners to implement holistic clean energy and energy efficiency upgrades without barriers. Luminia’s solutions are purpose built to offer the greatest potential economic benefit and advance a property’s ability to meet ESG requirements. For more information, visit luminia.io.
Christine Bennett for Luminia
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