PALO ALTO, CA – Pacific Urban Residential (PUR) has completed the first round of energy retrofits across its Southern California portfolio of multifamily properties. The comprehensive package of sustainability upgrades to boilers, lighting, and pool pumps at vintage residential communities is expected to significantly reduce common area and amenity energy use as well as lower operating costs at properties. CEO and Co-Founder Al Pace commented that PUR is committed to sustainability because it is “not just the right thing to do, it’s a smart business decision – this is part of our business model for adding value in the legacy multifamily space.”
Underwriting for the sustainability measures was composed of a mix of utility rebates and in house financing. According to PUR’s Construction and Sustainability Coordinator, Brian Tyler LEED AP, PUR is pioneering energy upgrades in California. “PUR works closely with utility companies to develop viable energy upgrades.” Data about the energy savings will be monitored closely and is expected to make a compelling case for the company to pursue further sustainability measures.
PUR also focuses on healthier environments for its consumer residents. Sustainable and low VOC products are used for all unit interior renovations in its portfolio. The firm has changed flooring, paint and other specifications in pursuit of green goals and brands the efforts under its Ecologic brand, communicating improvements to its 10,000 residents.
“We are focusing on several measures including electric vehicle charging stations, rethinking large lawn areas in order to reduce water consumption while adding resident amenities” notes Brian. “Our leadership and our strategic partners are committed to making PUR communities Ecologic communities”.
Since 1998, PUR has acquired over 22,000 West Coast apartment homes, totaling $3.5 billion dollars. Today, the well-capitalized firm and its strategic partners own an apartment portfolio in excess of $2 billion dollars.