Case Study: Peppertree Apartments

Property ProfilePeppertree

Location: 8956 Harness Street
Building/Units/Stories: 13/104/2
Year Built: 1984
Energy Upgrade Program: Energy Upgrade CaliforniaTM Multifamily 
Owner/Developer: Peppertree Apartment Holdings, L.P.
Project Team: Wasatch Advantage Group, LLC, Survey & Testing Services

Savings Snapshot
Total Cost of Energy Efficiency Measures: $176,228
Program Incentive: $65,000
Percent of Cost Covered by Incentive: 36.88%
Percent Improvement: 18.60%

Project Description
Peppertree Apartments, located in the city of Spring Valley just east of San Diego, was an existing market-rate project originally built in 1985. Wasatch Advantage Group acquired the 13-building, 104-unit property in 2014 and began an extensive renovation to reposition the community to serve low income seniors in a submarket currently lacking affordable housing.

“We viewed the Energy Upgrade California Multifamily program as a partner in achieving our goal of creating safe, comfortable, efficient apartments for low income, senior residents in San Diego.  Because of this partnership, residents will be proud to call Peppertree ‘home’ for  years to come.”

— Cory Bannister, Project Manager

Energy Upgrade Description
Improvements included dual pane, low-e vinyl windows, R-38 attic insulation, Energy Star® refrigerators and ranges, energy-efficient PTAC units and high efficiency water heaters.

Benefits of Multifamily Home Upgrades
Wasatch Advantage Group reports reduced capital expenses across all building systems. Additionally residents have reaped the benefit of increased appliance efficiency, reduced energy costs and improved comfort.

Financial Overview
Wasatch Advantage Group’s mission is to acquire undervalued properties, add value through rehabilitation and improvements and provide exemplary service to their residents, coworkers, business partners, suppliers and lenders.  To meet this goal with Peppertree Apartments, Wasatch worked with the California Municipal Finance Authority to issues tax exempt bonds. Tax credits were also utilized to fund this renovation.


CaseStudy_PeppertreeApartments_Thumbnail

Click to download a PDF version of this Case Study