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Parity and AvalonBay: A Successful Collaboration

In the competitive world of multi-family real estate, innovation and sustainability are essential for progress. Parity, a leader in Remote HVAC Optimization, has demonstrated this perfectly through its strategic partnership with AvalonBay Communities, one of the largest multifamily real estate investment trusts (REITs) in the United States. This collaboration, which initially began with three properties in Midtown Manhattan, has expanded significantly and is making waves in the real estate industry.

Success Story: Over $540,000 in Savings

Since the partnership launched, Parity has successfully helped AvalonBay save over $540,000 while at the same time reducing carbon dioxide emissions by more than 1,000 tons. Parity’s CEO, Brad Pilgrim, expressed pride in the results thus far, highlighting that this partnership not only delivers cost savings but also promotes environmental stewardship without compromising tenant comfort.

AvalonBay’s Director of Engineering, Alex Heckman, noted the challenges faced with older steam central HVAC systems that are prevalent in many of their New York properties. These older systems posed significant issues regarding operational efficiency, yet AvalonBay sought a solution that did not involve extensive hardware overhauls. A software-based approach led them to Parity, a firm with a specific focus on multifamily buildings, making the choice easy.

Pilot Program Success

The pilot program commenced with an investment of just under $280,000 in three communities—two buildings at Avalon Clinton and the Avalon Midtown West. The results exceeded expectations, with savings amounting to double what Parity had initially guaranteed. Furthermore, the partnership proved beneficial beyond mere monetary gains, with AvalonBay achieving approximately $290,000 in mitigated Local Law 97 fines and an extra $30,000 in demand response revenue.

This approach has allowed AvalonBay to retain tenant comfort while focusing on reducing energy consumption, a primary objective of Ryan Younis, former Senior Manager of Sustainability and Decarbonization. He emphasized the importance of achieving energy savings that do not disrupt residents’ lives, showcasing how Parity’s solutions integrate seamlessly into their existing infrastructure.

Continuous Improvement and Future Prospects

An essential aspect of this collaboration is the continuous improvement that Parity’s platform brings to HVAC optimization. Both Heckman and Younis emphasized that improvements are ongoing, and they expect operational efficiencies to continue to enhance in the future. Parity’s system sends real-time updates on HVAC issues, enabling AvalonBay’s maintenance teams to proactively resolve problems before residents even notice them.

With a goal to meet or surpass the stringent decarbonization standards set by New York City by 2030, AvalonBay recognizes that Parity is integral to their strategy. Younis noted, “While Parity's main focus is HVAC optimization, I see it as a comprehensive solution for decarbonizing our existing portfolio.”

The partnership has expanded beyond initial expectations, with Parity’s technology now active in ten Manhattan communities and additional expansions into Brooklyn, Boston, and even potential opportunities in Washington, D.C.

Reimagining Sustainable Living

Michael Simpson, Senior Regional Maintenance Director for AvalonBay, succinctly summarized the partnership's impact, stating, “Parity's influence has been clear, and we see even greater potential ahead.” As AvalonBay looks towards the future, this collaboration is reshaping the standards of sustainable living across their communities and enhancing the quality of life for their residents.

In conclusion, the collaboration between Parity and AvalonBay exemplifies how innovative technologies in HVAC optimization can lead to significant financial savings, improved operational efficiency, and a commitment to sustainability—all without compromising resident comfort. This partnership's success sets a new benchmark for real estate investment and management, making a compelling case for similar initiatives across the country.