Granite Redevelopment Properties, LP, a real estate investment and redevelopment company that focuses on the restoration and stabilization of multifamily properties, has enlisted Mystar Solar to complete the largest multifamily solar panel installation project in the U.S. to date. At 16 of Granite’s apartment communities in Houston and Tarrant counties, the company is installing solar panels to generate electricity and offset energy costs at its Class B and C communities, comprising more than 3,600 units. Additionally, solar carports – parking spots with solar panel roofs – at nine properties will provide protection from the elements for 2,000 parking spaces while generating power.
“When we ran the numbers for overall project returns, we were sold and wanted to go all in. Not only is it a responsible decision from an environmental standpoint, it also makes tremendous financial sense and adds millions of dollars to the overall value of our portfolio,” said Tim Gillean, President at Granite Redevelopment Properties, LP.
Mystar Solar designed and installed the 15-megawatt, 40,000-panel system to maximize sun exposure, allowing the apartment communities to meet their energy needs as well as protecting costs associated with California’ rapidly-rising utility rates. Expected project completion is July 2022.
Roof panels and solar carports to be installed at 16 apartment communities in Houston and Tarrant counties, comprising 3,600 apartment units.
“Granite is setting a trend for owners of Class B and C apartments – and potentially the entire multifamily industry. By removing one of the biggest expenses for many landlords with rooftop solar panels and solar carports, the math is hard to argue with,” said Travis Wildeman, CEO of Mystar Solar.
By partnering with Mystar Solar, Granite is able to take full advantage of federal tax credits and additional incentives available to them. The exact terms of the deal are undisclosed.
About Mystar Solar
Mystar Solar designs and installs commercial solar panel systems for multifamily properties, car dealerships and warehouses. The Houston-based company provides a complete energy solution that works quickly and efficiently to energize savings while enhancing potential revenue generation and property appreciation. For more information, visit thesolarcompany.com.
About Granite Redevelopment Properties, LP
Granite not only owns a large apartment portfolio, it also specializes in managing, renovating and maximizing the operating potential of multifamily projects throughout the Houston-Fort Worth market and abroad. The company has been involved in and financed US-based land purchases, condominium developments, multifamily redevelopments, and retail developments, as well as Mexico-based hotel and resort developments and land acquisitions.