WashREIT Achieves the First BREEAM Certification for Multifamily in the US
The investment in BREEAM followed a $350 million green bond expansion last year.
Sustainability and ESG efforts are trending for multifamily housing in 2022 and WashREIT has a jump on the competition by reaching a portfolio first.
WashREIT has announced the certification of eight multifamily assets under BREEAM’s In-Use sustainability assessment method certification standard, making it reportedly the first set of multifamily assets to receive BREEAM certification in the United States.
The multifamily developments which have received BREEAM certification include Assembly Alexandria, Assembly Dulles, Assembly Germantown, Assembly Herndon, Assembly Leesburg, Assembly Manassas, Assembly Watkins Mill, and Cascade Landmark.
These assets—which WashREIT acquired in 2019—include a total of 2,390 units and span locations across Virginia and Maryland. WashREIT used the guidance provided through the BREEAM certification process to bring these developments—most of which were in excess of 30 years old—to its sustainable standard.
BREEAM measures sustainable value in a series of categories, ranging from energy to ecology. Each of these categories addresses the most influential factors, including low-impact design and carbon emissions reduction; design durability and resilience; adaption to climate change; and ecological value and biodiversity protection.
Class B Properties as Prime Candidates
Paul McDermott, president and CEO of WashREIT, noted in prepared remarks that his company is focused on existing Class B assets—“and historically, this asset class has lacked in sustainability investments. But residents and investors alike care about sustainability.”
Last year WashREIT announced the expansion of its Green Bond Framework, setting aside $350 million in capital for eligible green projects. It was through this green bond that the eight certifications were funded.
WashREIT chose to pursue BREEAM, a sustainability assessment method developed by BRE Group (BRE), in part because of the return on investment offered to both multifamily and older facilities.
The REIT is currently in the process of pursuing BREEAM certifications for additional assets across its portfolio and to standardize sustainable operations across properties, including acquisitions.
Additionally, sufficient capital will be allocated toward a number of on-site improvements and enhancements.