Lofton Place in Tampa, Florida.
Taurus Investment Holdings Lofton Place in Tampa, Florida.

Taurus Investment Holdings and Aegon Asset Management have announced the completed recapitalization of two multifamily properties in Florida. Through their recently established ESG-centric decarbonization venture, RENU Communities, the combined 640 units of Lofton Place Apartments in Tampa and Rosemont at Windermere in Orlando will undergo a tailored retrofit program to significantly reduce the environmental impact of the properties.

“We are delighted to continue our decarbonization venture with Taurus with these most recent closings. Both Lofton and Rosemont are an excellent fit for our strategy to combine traditional multifamily value-add renovations with an energy-efficiency business plans. The properties are located in markets we’ve identified as target markets based on our demographic and economic growth indicators,” says Alexia Gottschalch, Aegon AM’s U.S. head of real assets equity and global head of client strategy-alternatives.

The program will transition the assets to low-carbon, energy-efficient buildings with plans to replace all HVAC units with air-source heat pumps, swapping electric water heaters with heat pump water heaters, implementing an energy monitoring system in each unit, upgrading water fixtures and lighting, and installing solar panels.

Canopy Villa Apartments, Taurus and Aegon AM’s first ESG-centric deal is currently underway. The custom RENU retrofit with HVAC replacements and solar installation is expected to be completed by the end of 2023.

“Our goal from the start of this venture with Aegon AM has always been to decarbonize properties in a way that is beneficial to all parties,” says Peter A. Merrigan, CEO of Taurus.

“Residential and commercial properties in the U.S. contribute over 30% of greenhouse gas emissions annually. Yet, with that challenge, we recognize an opportunity to improve value for our clients, while creating sustainable assets that are both healthier for the environment and resilient against the energy cost volatility.”