Can you imagine an all-wood car? Or a space shuttle or jet plane made of ash, maple, or oak? Neither can multifamily property developer Ryan Bedford.
That’s why it’s so puzzling for him to see others build with wood when there are other far more enduring, financially wise, and sustainable building materials available today.
“Wood is not a forever product. I can’t believe we still chop down trees to build with it,” says Bedford, head of Wisconsin-based Bedford Development. “If you look into alternative materials, you’ll discover it doesn’t cost you more and saves you tons of money in operation and maintenance.”
Growing Acceptance
The alternative building material Bedford refers to is insulated concrete forms (ICFs), a method of construction that sandwiches poured concrete between foam-block layers. For a growing number of residential, school, hospitality, and commercial builders, it’s rapidly becoming a go-to solution for superior construction speed, value, and operational performance.
Just ask Bedford, who is nearing completion of the company’s fifth ICF multifamily midrise. Another Bedford project, an 11-story, 133-unit multifamily community, was recently announced for downtown Milwaukee.
Surprising Assertion
Bedford understands the inherent benefits of ICFs -- durability, insulation, installation ease, etc. However, the decision to build with ICFs should always rest on ROI, "does it pencil out?" “That’s just icing on the cake. As a developer, you have to look at what your costs are, here and now. With our pricing, we’re below CMU (concrete masonry unit) and very, very similar to traditional wood construction. It’s such a better way to build. There’s really no reason why any developer can’t be in the same position,” Bedford says.
Icing on the Cake
That pricing knowledge is practical and proven: For years Bedford and his father-in-law ran their own ICF contracting company. That background helps Bedford negotiate ICF construction that meets or beats traditional methods. And thanks to ICFs, his projects are layered with icing competitors can only envy:
- Long-Term NOI. “We hold our assets longer than most developers, at least 10 years. ICF is perfect for that strategy because of its low operating and maintenance requirements,” he explains.
- Exceptional Retention. Bedford says they separately meter all units, so residents see the energy impact of ICF in super-low utility bills, typically $50-$60 per month. “Instead of turning over 30% to 35% of the rent roll each year, we’re down to about 10%. Residents know it’s a good deal,” he says.
- Insurance Savings. ICF is famous for its remarkable disaster resistance—fire, tornadoes and hurricanes. Some insurance companies may reward ICF building owners with substantially discounted rates.
- No Insulation Inspection. Many code jurisdictions waive exterior wall insulation inspection. ICF walls have it built in, with a true R-22 rating (no thermal bridging).
Bedford does admit to one ICF regret.
“ICF is the most energy efficient, sustainable, and durable material you can build with. Nothing comes close. I regret we used ICF on just the exterior walls of our first project. Now all interior and exterior walls use ICF.”
Learn how your next multifamily construction project can benefit from ICF construction.
