Taurus Investment Holdings, LLC, announced today the successful acquisition of Westover Parc, a 2002-vintage, 160-unit, Class-A- apartment community located within the rapidly growing Phoenix area, for a purchase price of $41,625,000. Through Taurus’s energy-focused subsidiary, RENU Communities and its tailored program, Taurus will aim to transition to a low-carbon, energy efficient multifamily complex by 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 roof-top solar panels.
“Since we made our debut in Phoenix just over a year ago, we’ve been strategically looking for the right property to implement our decarbonization strategy,” said Peter A. Merrigan, CEO of Taurus Investment Holdings. “Phoenix continues to be a top-tier market for multifamily investment and this latest acquisition is a testament to our commitment to the Phoenix market, marking this as our fifth acquisition in the area and our first RENU retrofit outside of Massachusetts.”
Located in the southwest valley of the Phoenix metropolitan area, Westover Parc is adjacent to Interstate 10, providing residents convenient access to over 315,000 jobs within a 10-mile radius. The location continues to be among the fastest growing metropolitan areas in the nation, fueled by its advantageous location, forward-thinking business atmosphere, premium lifestyle amenities, affordable cost-of-living, and predictable climate.
“We target markets that have a strong higher-education ecosystem. Arizona State University has been an incredible catalyst for growth in the Phoenix market,” said Max Dorsch, Director of Acquisitions for Taurus. “We continue to be amazed at how major employers are relocating or expanding in the market to take advantage of the talent pool and intellectual expertise at ASU.” The acquisition boosts Taurus’ multifamily portfolio to more than 6,150 units acquired and developed nationwide.
“Westover Parc is an ideal candidate for our retrofit program given that the electric provider and State of Arizona have set high standards for meeting climate change goals and are offering a variety of financial incentives,” said Christopher Gray, PhD., Chief Technology Officer of RENU Communities. “RENU’s tailored program for Westover Parc will aim to reduce its carbon footprint by 30% and will greatly improve property operations and the quality of life for residents.”
RENU Communities works to link traditional real estate investment with the market’s growing desire for electrification and decarbonization. RENU provides turnkey energy efficient retrofits of existing real estate assets with a focus on renewable energy and reducing carbon footprints with the additional goal of generating Net Operating Income (NOI) improvement and creating value for investors.