Ginkgo just bought an aging, 236-unit Durham apartment project called Yorktown Club for almost $6M and is now spending about $8M on energy efficiency renovations. The total cost per unit ($56k) is worth it, according to Ginkgo?s Phil Payne, a featured panelist at our Sept. 26 Bisnow Sustainability Summit. (Crazy low early bird prices if you register now.)
The expense, Phil says, is expected to yield ?robust returns.? (Returns so robust, they will need to get a new belt.) Renovations include new roofs, windows and exterior doors, as well as new exterior walls and floor coverings. Ginkgo is also swapping out all old appliances with new energy-efficient models, Phil says. The total cost of the renovation will come to about $32k/unit. Want to hear more about this deal and others? Join us for our BisnowSustainability Summit, Sept. 26 at the Westin Charlotte.