Mosser Companies, a California-based African American and woman-owned real estate investor, acquirer, and operator of workforce housing in gateway markets, today announced the launch of a sustainability strategy that will operate in San Francisco, Oakland and Los Angeles, according to a press release.
The aim of the project is to reduce energy consumption and save costs for residents renting houses in these areas. It will also continue its efforts to elevate the quality of workforce housing and buildings for “underserved communities,” the release says.
Mosser estimates its investment in sustainable strategies can reduce consumption of water by almost 20 million gallons per year, and improve energy consumption and costs for its residents.
The strategies include installing eco-friendly low-flow toilets and other daily usage items like shower heads, sink aerators, energy-star appliances and LED lighting in the buildings.
“For every retrofit we perform with ultra-low-flow toilets and low flow fixtures, Mosser can help residents reduce water usage by a third,” said Neveo Mosser, CEO of Mosser, in the statement.
He added “thousands” of such households that use these appliances add up to several gallons of water that can be saved. If water management and energy usage can be added to it, the impact will be greater.
The company, which currently has over 4,000 multifamily units and 100 commercial and retail spaces, also aims to test solar power in some buildings to evaluate if it is feasible to expand into its other properties.
Additionally, the company also previously adopted composting and recycling measures in its properties, which it says results in 325,000 gallons of recycling and 32,000 gallons of composting every month.
The statement says Mosser has also implemented similar measures in its construction, by reducing demolition usage in its unit renovation programs, which it states also reduces overall costs.
Mosser CEO says its measures cater to environmental sustainability as well as keeps costs low for its lower- to middle-income residents at a time when its natural resource providers of gas, water and electricity are increasing prices.
“Through these efforts we preserve and improve the quality of workforce housing opportunities… This aligns with our overall mission and goals,” Mosser said.
In other recent proptech news, California-based Stanford University acquired a 759-unit property in Palo Alto, called the Oak Creek Apartments. Cushman & Wakefield, a commercial real estate service firm, brokered the sale of a 63-unit multifamily property worth $40 million in Brooklyn.