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PearlX, an energy infrastructure and capital partner for multifamily owners and developers, is investing $3 million to bring a solar power and battery storage system to Sand Canyon, a new 323-unit, 582-bedroom apartment community under construction in Santa Clarita, California. As the solar infrastructure equity partner, PearlX will oversee the installation, management, and long-term maintenance of the system through a triple-net lease structure, ensuring sustainable energy for years to come. The project is being developed in collaboration with Cal Solar Inc., the engineering, procurement, and construction partner. Together, they aim to provide Sand Canyon residents with a clean energy solution that will help lower electricity bills while reducing the community’s overall carbon footprint. Sand Canyon Apartments will feature 259 conventional apartments in a four-story wrap building and 64 three-story townhomes, offering floor plans ranging from studios to four-bedroom units. This variety is designed to accommodate a diverse group of renters, from individuals to families, across different price points. Phillip Forrester, Senior Director of Sales at PearlX, said in a statement, “Now more than ever, developers are looking for ways to increase returns and lower project costs in an environment where interest rates, land costs and construction timelines have squeezed margins. We are excited to be working with Sand Canyon on a solar roof lease program that helps to mitigate these macro trends while also providing a cutting-edge amenity to the community’s residents.” Steve Martin, Director of Development at Greystar, the development team behind Sand Canyon, stated, “The PearlX team has a revenue generating value proposition and a deep knowledge of project finance and energy infrastructure construction, which made this arrangement a no-brainer. It’s great to know we can rely on them to provide the solar infrastructure for Sand Canyon and handle the ongoing maintenance of these essential systems.” Santa Clarita, a highly desirable Los Angeles suburb north of the Hollywood Hills, is known for its top-rated schools, safe neighborhoods, scenic parks, and convenient access to shopping and employment centers, making it an attractive option for commuters and families alike. Construction on Sand Canyon began in the first quarter of 2024 and is expected to be completed by mid-2026. This project not only adds to the area’s housing options but also sets a new standard for sustainable living in multifamily communities. |
