Boston-based Taurus Investment Holdings LLC, which made its metro Phoenix debut last year with the purchase of two apartment communities, is now turning its eye to reducing its carbon footprint in the Valley.
Creating its energy-focused subsidiary Renu Communities in 2019, Taurus has been applying its tailored program to certain properties in its markets in Boston and Orlando, Florida.
Renu’s first project in metro Phoenix will be the 160-unit Westover Parc, a 160-unit apartment community at 6515 W. McDowell Road in Phoenix that was built in 2002. Taurus bought that property last November for $41.63 million and now Renu Communities is stepping in next week to begin transitioning the property to a low-carbon, energy efficient multifamily complex.
Plans call for replacing all HVAC units with highly efficient air source heat pumps, replacing existing electric water heaters with heat pump water heaters, implementing an energy monitoring system in each unit and installing rooftop solar panels.
The goal is to reduce Westover Parc’s carbon footprint by 30%, said Chris Gray, chief technology officer of Renu Communities.
Not all of the properties Taurus purchases fit within the Renu program, Gray said.
“We target properties at least 20 years old,” he said.
He said the company will spend anywhere between $10,000 and $25,000 per apartment unit for all those energy efficient upgrades, depending on the location of the country.
So far, the Renu portfolio has 2,000 units within its markets in Phoenix, Boston and Orlando, with a goal of hitting 16,000 within three years, Gray said.
In addition to multifamily units, Renu is looking at reducing the carbon footprints of other types of properties, including office, senior living and industrial, he said.
“Our office team is very active in the Carolinas, the greater Boston area and Orlando, Florida,” Gray said.
FULL ARTICLE: Phoenix Business Journal