Utility Management Improvements Add $10 Million to Property Value [Case Study] via Property Management Insider

Through a series of retrofit and design changes and utility management improvements, the Fillmore Center apartment building reduced water consumption and lowered energy costs to save the property about $500,000 annually and enhance property value by $10 million, based on today’s cap rates.

Combined with enhancements to recycling and transportation accessibility, the downtown San Francisco property, managed by the Laramar Group, became the largest multifamily property on the West Coast to earn a Leadership in Energy and Environmental Design (LEED) certification.

By working with public utility companies, Laramar Group was able to get a return on the improvements in less than two years. That success has fueled other projects within the company’s $1 billion portfolio of properties from replacing existing water fixtures with low-flow models to replacing appliances with those that have EnergyStar ratings. A high-rise in Chicago is currently going through similar renovations.

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