Private equity firm Gardner Capital has announced that its new multifamily housing development in the Houston suburb of Sugar Land will be powered by an on-site solar energy system and have electric vehicle (EV) charging stations available to tenants at discounted rates.
The funding for the installation of the solar system and EV charging stations will come from the GCRE Upward Mobility Fund, which is part of Gardner Capital's Alternative Investments Platform and focuses on providing funding for projects promoting clean energy for multifamily housing or upward mobility.
“This funding commitment is a benefit for everyone involved. It will expand clean energy access for residents while reducing energy bills and also offer significant EV charging savings for current and future residents,” said Tiffany Hoang, Senior Vice President of Gardner Capital's CRM Group, which will oversee deployment of solar energy systems and EV charging stations for the Gardner Capital Multifamily Portfolio.
Construction of the solar system and the charging stations are expected to be completed in early 2023. As part of the initial pilot program, the charging stations will be free for qualified tenants for at least the next two years.
“Promoting EV adoption, while delivering real savings to our tenants is the core of why we launched the GCRE Upward Mobility Fund in 2020 and we will continue to develop projects and fund programs that deliver real economic value to families and seniors across Texas," Michael Gardner, Founder of the GCRE Upward Mobility Fund and CEO of Gardner Capital, said.
Through the Alternative Investments Fund Platform, Gardner Capital plans to deploy up to $500,000 per year to expand access to clean energy through grants and soft loans to both individuals and businesses with innovative proposals.