Project Deep Dive: 3300 E. 1st Ave
Ogilvie Properties are C-PACE veterans, which speaks to how innovative they are as a leading Value-Add investment company. Partnering with Integro, a leading C-PACE developer, the Ogilvie team has completed 4 C-PACE transactions, saving literally millions of dollars in their renovation budgets.
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Located in the Cherry Creek, Denver’s premier up-scale mixed use and world renown shopping district the 3300 E. 1 st Ave project was a perfect candidate for C-PACE. As the Ogilvie and Integro teams evaluated the project, they were able to leverage the 35% energy savings ($46,750 annually) created, using it to service the C-PACE funding. Effectively, they were able to redirect money already being spent with the utility provider, and use those same dollars to service the low, fixed-rate, 20-year, non-recourse, C-PACE financing. Capturing the savings from the lighting, building controls and other projects helped to almost completely off-set the cost of putting a new roof on the property.
Upon completion of the project, 3300 1 st Ave. was almost immediately flipped, selling to aninstitutional investment company.