Largest Multifamily Solar Installation in US to Begin in North Texas
Granite Redevelopment Properties, LP, a Dallas-based real estate investment and redevelopment company, has enlisted The Solar Company, also based in Dallas, to complete the largest multifamily solar panel installation project in the U.S. to date.
At 16 of Granite’s apartment communities in Dallas and Tarrant counties, the company is installing solar panels to generate electricity and offset energy costs at its Class B and C communities, comprising more than 3,600 units. Additionally, solar carports – parking spots with solar panel roofs – at nine properties will provide protection from the elements for 2,000 parking spaces while generating power.
“When we ran the numbers for overall project returns, we were sold and wanted to go all in. Not only is it a responsible decision from an environmental standpoint, it also makes tremendous financial sense and adds millions of dollars to the overall value of our portfolio,” said Tim Gillean, President at Granite Redevelopment Properties, LP. Gillean added that Granite was able to take full advantage of federal tax credits and additional incentives available to them. The exact terms of the deal were not disclosed.
Erik Hamilton, who has more than 15 years in CRE journalism, is a former staff writer with the Los Angeles Times and the Orange County Business Journal. In addition to The Times and the OCBJ, he was also a reporter and editor for Crittenden Research, The San Bernardino Sun and UPI. Erik also worked six years in CRE public relations with Los Angeles-based Hoyt Organization, where he was a Senior Account Executive. He later joined Lee & Associates where he served as the Director of Corporate Communications. There ,in addition to his work with Lee’s CEO, he managed 57 offices nationwide and provided PR, social media and media training for the offices. A graduate of UC Irvine, with a BA in history, he is an avid record collector where he continues to search for a rare Joy Division single.
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