Taurus Investment Holdings and Aegon Asset Management Close Second and Third Multifamily ...
Taurus Investment Holdings, LLC (Taurus), a global private equity real estate firm and Aegon Asset Management (Aegon AM), the asset management arm of Aegon N.V., are pleased to announce today they have completed the recapitalization of two multifamily properties, Lofton Place Apartments and Rosemont at Windermere, through their recently established ESG-centric decarbonization venture. Totaling 640 units, Lofton is situated in the Carollwood submarket of Tampa with Rosemont located in the Universal submarket of Orlando
BOSTON, Oct. 28, 2022 (GLOBE NEWSWIRE) -- Taurus Investment Holdings, LLC (Taurus), a global private equity real estate firm and Aegon Asset Management (Aegon AM), the asset management arm of Aegon N.V., are pleased to announce today they have completed the recapitalization of two multifamily properties, Lofton Place Apartments and Rosemont at Windermere, through their recently established ESG-centric decarbonization venture. Totaling 640 units, Lofton is situated in the Carollwood submarket of Tampa with Rosemont located in the Universal submarket of Orlando.
Both Taurus and Aegon AM understand the urgency for real estate owners and operators to assume a larger responsibility for climate change and recognize the long-term value that can be created from assets with lower carbon emissions. Taurus affiliate, RENU Communities will evaluate and apply its tailored retrofit program aiming to significantly reduce the environmental impact of the properties, and transition the assets to low-carbon, energy efficient buildings. Plans for both assets include replacing all HVAC units with air-source heat pumps, swapping electric water heaters with heat pump water heaters, upgrading water fixtures, implementing an energy monitoring system in each unit, upgrading lighting and installing solar panels.
Taurus and Aegon AM’s first ESG-centric deal, Canopy Villa Apartments, is currently underway with a custom RENU retrofit. HVAC replacements within all units and solar installation are expected to be complete by year end 2023. The full RENU scope is targeting completion within Q1 2023.
“Our goal from the start of this venture with Aegon AM has always been to decarbonize properties in a way that is beneficial to all parties,” said Peter A. Merrigan, CEO of Taurus. “Residential and commercial properties in the U.S. contribute over 30% of greenhouse gas emissions annually. Yet, with that challenge, we recognize an opportunity to improve value for our clients, while creating sustainable assets that are both healthier for the environment and resilient against the energy cost volatility.”
