2023 Summer Issue of Urban Land - 71

In some cases, Marhnos will install lowflow
water fixtures, replace leaky windows
with double-pane windows, and use passive
landscaping techniques to reduce heat in the
units without eliminating light, Gruy says.
" If we can reduce gas costs by 75 percent,
lower water consumption, and cut
everyone's bills, that can be a better scenario
sometimes than replacing the entire HVAC
system, " he says.
Essentially, the goal is to create better
communities with happier tenants, improve
net operating income (NOI), and increase
value, says Blanca Rodriguez, director of
capital and finance for Marhnos.
" Our goal with every property is to make
it profitable, beneficial in the long term for
the tenants and our investors, and position
the asset better in every way for when we
want to exit the asset, " Rodriguez says.
Garden apartments offer the option of
phasing in retrofits. For example, at a LaSalle
property in Denver, about 10 percent of the
units are being retrofitted each year.
" In a high-rise. You need to plan with the
contractors to replace windows one day,
doors on another, and then do the insulation
and mechanical upgrades while the old
systems are still in place, " says Gray. " It's like
a big puzzle to work this out with the least
possible disruption to tenants. "
Office
High-rise offices present challenges similar to
those of high-rise residential buildings, says
Gray, except that work can be done on nights
and weekends when the space is unoccupied.
In addition, it is possible to do more work in
phases and move tenants within the building
more easily.
Retrofitting an older office can be especially
challenging when it uses steam heat
and natural gas. For example, the 17-story
Hines building at 345 Hudson Street in New
York City, a 1 million-square-foot (93,000 sq
m) tower built in the 1930s, needed to be
electrified. The building has both centralized
and decentralized systems. Hines was able to
replace the centralized system at the top of
the building, then replace outdated individualized
systems as tenant spaces turn over.
" Essentially, we're using the new heat
pumps to move heat around the building as
needed, which is based on a system that's
been used in Europe for decades, " Izzo says.
" Basically, we move heat from the core of
the building, where it's always stays cool in
winter, to the exterior where heat is needed,
and then do the opposite when air conditioning
is needed. This is significant because we
have all the heat we need and have immediate
results. "
Eclipse at Oak Lawn is
located in the heart of
Dallas, where residents
can expect a vibrant,
active community. It
has the perfect location
for people who want
to live in an urban-feel
neighborhood with
a fresh, high-spirited
environment and
the perk of a short
commute to downtown.
BEFORE
AFTER
SUMMER 2023
URBAN LAND
71
FEATURES
PHO T O S C OUR TES Y MARHNO S
2023 Summer Issue of Urban Land

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