Energy Efficiency:
The Multifamily
Business Strategy
By: Craig Cobb, Project Manager for Lawler Wood Housing,
LLC
Who is Lawler Wood Housing?
• Developer & Property Management Company based in
Knoxville, TN
• Focus on affordable housing...
Lawler Wood Housing 1999-
2009
• Developed 45 affordable properties
• Main sources: private debt, bonds, 4% tax credits
• ...
Lawler Wood Housing 2010 -
Present
• Developed 10 affordable properties
• Main sources: private debt, 9% tax credits
• Pro...
Energy Efficient Upgrades
• Energy Efficient Water Heaters w/New Insulation Blankets
• New R-38 Insulation
• New Roofs
• N...
Case Study: Buffington Towers
• 109 units, 8 story high rise
• Located in Little Rock, AR
• Rehabbed in 2011
• Energy Effi...
Case Study: Woodbend
Apartments
• 104 units, garden style
apartments
• Located in Maumelle, AR
• Rehabbed in 2010
• Energy...
Case Study: Oak Ridge
Apartments
• 64 units, garden style apartments
• Located in Little Rock, AR
• Rehabbed in 2012
• Ene...
Positive Impact of Energy
Efficient Upgrades
• Lower Utility Allowances
• Tenants Spend Less on Utilities; More Money In T...
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Energy Efficiency the Multifamily Business Strategy Craig Cobb

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Energy Efficiency the Multifamily Business Strategy Craig Cobb

  1. 1. Energy Efficiency: The Multifamily Business Strategy By: Craig Cobb, Project Manager for Lawler Wood Housing, LLC
  2. 2. Who is Lawler Wood Housing? • Developer & Property Management Company based in Knoxville, TN • Focus on affordable housing • Started in 1975 as Lawler Wood • Started re-development on subsidized housing in 1999 as Lawler Wood Housing • Developed and own 55 properties with 7,785 affordable units in 11 states • Over $500 million in Development since 1999 • Development sources: private debt, bonds, tax credits
  3. 3. Lawler Wood Housing 1999- 2009 • Developed 45 affordable properties • Main sources: private debt, bonds, 4% tax credits • Properties were between 20-30 years old • Average rehab per unit: approx. $15,000
  4. 4. Lawler Wood Housing 2010 - Present • Developed 10 affordable properties • Main sources: private debt, 9% tax credits • Properties are between 30-40 years old • Average rehab per unit: approx. $42,000
  5. 5. Energy Efficient Upgrades • Energy Efficient Water Heaters w/New Insulation Blankets • New R-38 Insulation • New Roofs • New Siding and Tyvek House Wrap • Low Flow Water Saving Devices • Toilets • Faucets • Showerheads • Energy Star Everything: • Windows • HVACs • Heat Pumps • Compressors (at least 15 SEER) • Lighting Fixtures • Appliances • Refrigerators • Dishwashers • Ceiling Fans • Washers
  6. 6. Case Study: Buffington Towers • 109 units, 8 story high rise • Located in Little Rock, AR • Rehabbed in 2011 • Energy Efficient Upgrades: • New EPDM Roof • New Energy Star Appliances (incl. adding Dishwashers, Microwaves, Ceiling Fans) • New Energy Star Light Fixtures • New Low Flow Toilets, Showerheads, Faucets • New Energy Star PTAC Units • New Energy Star Windows $- $200 $400 $600 $800 $1,000 $1,200 Utility Expense Per Unit 2010 2012
  7. 7. Case Study: Woodbend Apartments • 104 units, garden style apartments • Located in Maumelle, AR • Rehabbed in 2010 • Energy Efficient Upgrades: • New R-38 Insulation • New Energy Star HVACs (15 SEER) • New Energy Star Appliances (incl. adding Dishwashers, Microwaves, Ceilin g Fans, Washers & Dryers) • New Energy Star Light Fixtures • New Energy Star Windows • New Low Flow Faucets, Showerheads • New Energy Efficient Water Heaters w/Insulation Blankets $- $50 $100 $150 $200 UA for 1 BR UA for 2 BR UA for 3 BR MonthlyUtilityAllowance Utility Allowance Analysis 2009 2013
  8. 8. Case Study: Oak Ridge Apartments • 64 units, garden style apartments • Located in Little Rock, AR • Rehabbed in 2012 • Energy Efficient Upgrades: • New R-38 Insulation • New Energy Star HVACs (15.5 SEER) • New Energy Star Appliances (incl. adding Dishwashers, Microwaves, Ceiling Fans, Washers & Dryers) • New Energy Star Light Fixtures • New Energy Star Windows • New Low Flow Toilets, Faucets, Showerheads • New Energy Efficient Water Heaters w/Insulation Blankets • New Roofs • New Siding & Tyvek House Wrap $- $20 $40 $60 $80 $100 $120 UA for 1 BR UA for 2 BR UA for 3 BR MonthlyUtilityAllowance Utility Allowance Analysis 2011 2013
  9. 9. Positive Impact of Energy Efficient Upgrades • Lower Utility Allowances • Tenants Spend Less on Utilities; More Money In Their Pockets • Government Spends Less Money on Utility Allowances • Lower Utility Expenses = More Cash Flow • Underwriting Future Deals • More Aggressive on Expenses • Leverage More Private Debt • Use Less Government Tax Credits
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