When the term “retrofit” is mentioned, it often brings to mind large-scale renovations and rehabilitation projects aimed at increasing the energy efficiency of apartment buildings. The ultimate goal of retrofitting is to improve energy efficiency. However, according to an article on ApartmentBuildings.com by EcoSmart Solution CEO Chris Gray, there are numerous options for retrofits.
These options range from implementing environmentally friendly lighting and reducing water consumption to completely replacing HVAC systems and adding insulation. There are also various ways to finance these retrofits. Gray suggests that recapitalizing a multifamily property can provide the necessary resources for a retrofit project. Additionally, traditional lenders offer debt financing for energy-efficient properties through CPACE structures and government agencies.
Gray advises focusing on specific goals when undertaking multifamily retrofits and determining which strategies are feasible for implementation. It’s important not to view retrofits as a one-time event but rather an ongoing process.
To learn more about multifamily retrofits, visit ApartmentBuildings.com . This website offers valuable insights into real estate trends in the commercial sector.
