CASE STUDY
SOLA UPTOWN APARTMENTS
PROBLEM
SOLA Uptown was experiencing an abnormally high electric spend that surpassed the consumption of all other assets within it’s given fund. Further, just two years after site development, the maintenance staff was experiencing mass malfunction and necessary replacement of the lighting in the common areas (lighting & ballasts), resulting in increased monthly OPEX. Lastly, with rent rates stabilizing in this market, AGES’ client had a need to create additional NOI for the asset in new ways, while also being mindful of the need to embrace the “Sustainability” movement as a fiduciary for it’s investors.
SOLUTION
AGES Consulting performed an electrical audit of the site to identify cost saving measures, focusing on the use of LED lighting technology. AGES identified various ways to increase efficiency on site.
PROPOSAL
AGES made the following recommendations:Convert existing Compact Florescent lamps to LED (Hallways, Stairwells, Garage & Exterior site Pole Lighting)
FINANCIAL ANALYSIS
EXECUTION
AGES was contracted to execute this project. Per AGES standard contracting agreement, the project was completed in it’s entirety within 90 days of mobilization payment.
RESULTS
Project outperformed AGES’ initial projections.
Property saw quantifiable increase to NOI immediately.
With lighting maintenance out of the equation, maintenance staff was freed to focus their valuable time elsewhere.
Tenants reported an increase to safety in the garage, due to increased brightness.
Property increased all governed utility scores, and became eligible for LEED Certification.