Overview
# of Assets: 120
Square Feet: 21,000,000 sq. ft.
Asset type: Senior Living
Built: ~1994 – 2004
Summary: GreenGen’s solutions helped this client achieve nearly $3 million in annual energy savings and a $38 million increase in portfolio value.
Challenge
A global healthcare REIT with a portfolio of approximately 1,400 properties, nearly half of which are senior housing, aimed to improve safety, comfort, and energy efficiency across a North American portfolio. The portfolio encompassed 120 communities across 19 states. Faced with aging infrastructure and a vulnerable resident population, the client sought to achieve 100% LED lighting across facilities, among other energy conservation measures, to fulfill environmental commitments and drive financial returns.
Solution
GreenGen was tasked with the comprehensive upgrade of the facilities which included standardizing lighting design across the portfolio to ensure uniform aesthetics and quality. The project encompassed the installation of LED lighting to achieve 100% coverage, high-efficiency HVAC systems to replace failing units or units at the end-of-useful life, and the integration of HVAC and lighting controls. GreenGen coordinated all aspects of the project, from strategy to implementation including rebate administration. Due to the disbursed geographic locations of the portfolio with different regional specificities and logistics requirements, GreenGen developed a portfolio strategy that prioritized the projects in 7 phases:
- Phase I: 23 communities in NJ, NY, MD, and PA
- Phase II: 14 communities in NY, CT, CA, and TX
- Phase III: 6 communities in IL
- Phase IV: 16 communities in NY, CT, and MD
- Phase V: 16 communities in CA
- Phase VI: 5 communities in MA, IL, and CT
- Phase VII: 40 communities in WV, VA, TN, SC, PA, NM, MI, KY, IN, IL, AZ, and AL
Results
The initiative resulted in GreenGen securing $1.97 million in rebates for the client, alongside annual energy savings nearing $3 million with a net payback period of 7.2 years. This comprehensive energy efficiency project not only increased the portfolio’s value by $38 million, averaging $318,000 per asset, but also significantly reduced carbon emissions, ensuring safer and more comfortable living environments for the senior residents.
Interested in working with the GreenGen team? Reach out to us!
