BGO and The Dermot Company complete construction of a $1.7 million solar panel system to power 50% of the property’s common areas
DORAL, FL (January 27, 2025) – BGO, a leading global real estate investment manager, and The Dermot Company (“Dermot”), a vertically integrated multifamily investment manager, owner, and operator of high-quality communities, announced the completion of a solar energy system installation atop the two parking garage roofs at Cordoba, a 454-unit luxury apartment community in downtown Doral, Florida. At full operational capacity, the solar energy system is expected to produce enough electricity to provide 50% of the energy needs for the entirety of the property’s common areas, including its extensive amenities. The adoption of renewable power at the property, co-owned by both firms, is part of a growing trend of multifamily developments in Florida incorporating solar energy systems.
BGO and Dermot purchased Cordoba in September 2021 and set their sights on reducing the energy intensity of the property driven by demand for 24/7 cooling. This solar power initiative aims to enable future innovations that will further advance sustainability and operational efficiency at the property, aligned to both firms’ commitment to environmental responsibility. BGO and Dermot worked closely with ESA, a solar development and engineering firm based in Orlando, Florida, to design and complete the solar panel system installation at Cordoba.
“Our innovative approach to driving sustainability in the built environment has been an important differentiator for BGO, and through the completion of this solar power project at Cordoba, we are reinforcing our commitment to reducing the environmental footprint of this property for the long term,” said Jennifer Perkins, Principal and Head of Multifamily Asset Management East at BGO. “Through our partnership with Dermot, we are delivering for our clients and demonstrating our ability to successfully incorporate clean energy technology into a multifamily residential setting.”
“As an owner, property manager, and developer with 30 years of experience in multifamily, we look for innovative ways to incorporate sustainability into our operating principles,” said Drew Spitler, Principal and Partner at The Dermot Company. “This is our first renewable energy project, and it represents how we invest in forward-thinking sustainability strategies at our communities in line with our plans to reduce energy and greenhouse gas emission intensity by 40% across all our properties by 2030. The outlook for investing in advanced building systems that can reduce operating costs is multifaceted and holds tremendous potential for multifamily investors.”
Investment Tax Credits for solar projects under the Inflation Reduction Act of 2022 provided incentives to move the project to completion. The solar panel system is projected to generate significant cumulative cost savings over its 25-year lifetime, factoring in anticipated utility rate increases, while reducing the property’s annual electricity use.
Centrally located in the desirable live-work-play community of downtown Doral, Cordoba offers residents convenient access to fine dining, shopping, quality schools, cultural attractions public green spaces, and employment. With recently renovated amenities and units, Cordoba features one-, two-, and three-bedroom apartments with modern finishes, including gourmet kitchens with stainless-steel appliances and granite countertops, spacious living areas, and all units include either private yards or balconies. Community amenities include a state-of-the-art fitness center, two resort-style swimming pools, co-working spaces, and a large dog park.
About BGO
BGO is a leading, global real estate investment management advisor, real estate lender, and a globally recognized provider of real estate services. BGO serves the interests of more than 750 institutional clients with expertise in the asset management of office, industrial, multi-residential, retail and hospitality property across the globe. BGO has offices in 27 cities across thirteen countries with deep, local knowledge, experience, and extensive networks in the regions where we invest in and manage real estate assets on behalf of our clients in primary, secondary and co-investment markets. BGO is a part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life. For more information, please visit www.bgo.com
About The Dermot Company
The Dermot Company, based in New York City, was formed in 1991 as a real estate investment and management company focused on multifamily sector opportunities. The company has evolved into a fully integrated real estate company employing over 100 real estate professionals in investment, finance, management and construction. Dermot currently manages approximately $5 billion in assets and owns, holds investments in or manages over 7,800 apartments. Learn more at dermotcompany.com.
About ESA
ESA is a prominent clean energy development and decarbonization platform. Over the past decade, ESA has successfully transacted over 6 GW of operating solar energy projects and pre-construction development assets. Their diverse portfolio spans a broad array of asset classes, including installations at corporate headquarters, commercial and industrial facilities, community solar portfolios, and multi-100 MW utility-scale solar projects. ESA's influence extends across 22 states, where projects have interconnected with 27 distinct utilities. ESA operates with the freedom and flexibility inherent in a privately owned and managed corporation. To learn more about ESA, please visit our website at esa-solar.com.
Media Contacts
Rahim Ladha, BGO
media@bgo.com
Elisabeth Manville, The Smart Agency
949-438-6262
emanville@thesmartagency.com
