Value-creation Through Sustainable Initiatives
As an organization, we believe in making communities as environmentally friendly as possible. Multifamily residences can have significant energy and water use impacts. Residential lighting accounts for 14 percent of total residential electricity consumption in the United States. Water use in inefficient multifamily residences can be up to 150 gallons of water per day. We develop a coherent economic strategy at all of our assets to minimize water usage, reduce waste and conserve energy while increasing the bottom line for our investors.
We partner with our service providers and various consulting teams on evaluating energy and water efficiency projects, including:
- Interior and exterior lighting upgrades to improve energy efficiency through the usage of fluorescents and LEDs
- Toilet and showerhead replacements to reduce water use
- Landscaping redesign with xeriscaping, drip irrigation installation and modern weather-based irrigation controls
- The use of EnergyStar Appliances within our portfolio, replacing standard appliances upon end of useful life and renovation
In 2016, we implemented multiple property level lighting projects that saved over 2,100,000 kwh in electrical usage and $150,000 per year. In addition, we instituted a boiler control project that saved 24,000 thermal units of natural gas usage and approximately $114,000 per year. Finally, a water use reduction project saves 12,042,000 gallons of water usage and approximately $118,000 per year.
In 2014, Crossbeam developed the first LEED Certified Apartment Community in Boulder County, Apex 5510. LEED Silver Certification requirements met include, but are not limited to, the following:
- Sensitive land protection/site development protecting and restoring habitat
- Bicycle facilities
- Reduced parking footprint
- Low emitting materials
- Light pollution reduction and management
- Air quality controls
- Environmentally preferable interior finishes
- Sustainable heating and cooling systems
- Wastewater management
In addition to this LEED Certification, Crossbeam exceeded the city of Boulder’s Inclusionary Housing regulations requiring that new residential development contribute at least 20% of the total units as permanently affordable housing. We elected to partner with a local affordable housing developer and provide 60 newly built units off-site at a cost of $3,000,000 rather than make a cash-in-lieu contribution of approximately $4,400,000. In turn, we were able to reduce the overall project cost by $1,400,000 and provide 30% more affordable units in the marketplace.