Gardner Capital, a private equity firm specializing in multi-family housing and solar energy development and investment, announced its multifamily development in Phoenix , El Caro Senior Apartments, has received a funding commitment from the GCRE Impact Fund to install an on-site solar energy system, as part of its Sustainable Energy Commitment. The GCRE Impact Fund is part of Gardner Capital's Alternative Investments Platform, which provides funding for projects promoting clean energy for multifamily housing or upward social mobility.
Solar energy is the fastest-growing energy source in the United States, according to the Center for Climate and Energy Solutions. However, its use in multi-family housing generally remains low. With its Alternative Investments Fund, Gardner Capital aims to change that. Gardner Capital through the GCRE Impact Fund plans to deploy up to $500,000 annually to expand access to clean energy with grants and soft loans to both individuals and businesses submitting innovative proposals.
"We are thrilled to announce GCRE Impact Fund's funding commitment to install solar at El Caro Senior Apartments. The project will greatly boost the availability and benefits of solar energy for residents in Phoenix and make a positive impact in their lives," said Mike Koehler, VP, Solar Business Development at Gardner Capital.
Applicants can apply for funding from GCRE Impact Fund through the Alternative Investments Fund on Gardner Capital's website; funding is capped at $25,000 for any one specific proposal (subject to waiver for special considerations). All proposals that focus on increasing access to, or adoption of, renewable energy (or renewable energy related projects) will be considered with a preference for proposals that are also focused on serving low to moderate-income families or other underserved populations and communities
Located at 8025 North 21st Avenue in Phoenix, El Caro Senior Apartments is a senior community, which offers 102 units for residents 55 and older. The solar addition, funded by the GCRE Impact Fund, will be yet another amenity offered at the property, which also offers a clubhouse, courtyard, and covered parking, among other amenities.
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