Granite Redevelopment Properties has partnered with The Solar Co. on a massive multifamily solar panel installation project in north Texas.
The Solar Co. will install solar panels at 16 of Granite’s Class B and C apartment communities, with more than 3,600 units, in Dallas and Tarrant counties to generate electricity and offset energy costs. In addition, 2,000 solar carports—parking spaces with solar panel roofs—at nine communities will provide protection from weather conditions as well as generate 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 financing sense and adds millions of dollars to the overall value of our portfolio,” said Tim Gillean, president of Granite Redevelopment Properties, a Dallas-based real estate investment and redevelopment firm that focuses on the restoration and stabilization of multifamily communities.
The Solar Co., also based in Dallas, is designing and installing the 15-megawatt, 40,000-panel system to maximize sun exposure and allow the apartment communities to meet their energy need and protect costs associated with rising utility rates. The project is expected to be completed in July.
“Granite is setting a trend for owners of Class B and C apartments—and potentially the entire multifamily industry,” said Travis Wildeman, CEO of The Solar Co. “By removing one of the biggest expenses for many landlords with rooftop solar panels and solar carports, the math is hard to argue with.”
The exact terms of the deal were not disclosed.
