Seven Springs Apartments

Project Description

Seven Springs is a 33-acre campus located in College Park, Maryland. The project is owned by The Ross Companies, a family-owned real estate development and property management firm based in Bethesda, Maryland. The property has been in their portfolio since 2002. Ross specializes in the multifamily and mixed use communities throughout the Washington, DC Metro Area and currently manages just over 11,000 multifamily units.

Seven Springs is a project very dear to the hearts of its owners. At the time of acquisition, it was one of their largest single assets and it was wholly owned by the family, so when it came time to selecting a partner for this energy savings contract, they were very cautious when it came to selecting a partner. They wanted a company that was able to understand not just the value of the savings but the underlying value of the real estate asset and was able to tailor a proposal accordingly. They selected NextGen LED.

NextGen LED is an ROI-driven energy savings company that focuses on pairing the best performing products, with strong warranties, and the most aggressive pricing to customize aggressive op-ex cost reduction initiatives for their clients. NextGen LED partners nationally with public and private companies in the commercial real estate markets to implement portfolio-wide energy savings contracts.

NextGen was co-founded by a former real estate executive that specialized in savings-based energy efficiency projects, and a structured finance entrepreneur who has put together over $500 million in green-tech capital markets transactions.

Seven Springs contains multiple property types in a single location. One high rise apartment building with ground level retail and daycare facility, two mid-rise buildings, 20 garden apartments, and a clubhouse/leasing center with two outdoor tennis courts and a pool. In total there are 982 units and 16,864 light bulbs. Viribright provided all of the interior unit and common area lighting for the facility. A total of over 13,000 lamps.

We were very pleased to provide the Viribright LED bulbs for this exciting project through our partners NextGen. Working with NextGen and their professional team on this and other projects has been very positive.

Jim Hardaway Vice President of Viribright Lighting Inc.

LED Performance Summary


PERFORMANCE INDICATOR Existing Lighting Program Led Retrofit Program Savings
Total Lamp Count 16,864 14,245
Annual kWh SAVED 2,169,301 646,865 70%
Annual Electricity REDUCTION $260,316 $77,624 $182,692

The project had a 2.37 year payback and an ROI of 39.20%. Total 10 year savings for this contract is $2,171,010. The additional savings comes from a 5-year average on annual lamp and ballast costs that were supplied to NextGen directly from the client.

Project Finance:

The total project cost was $778,339. NextGen LED provided in-house financing for 80% of the project costs at 4.2%. NextGen was able to secure Small Business utility-based financing at 0% for the remaining 20% of the project costs, bringing the total cost of capital to 3.36%. NextGen LED (through a total of 29 individual rebate applications comprised of small business and existing buildings) was able to secure $263,749 in rebate dollars for this project. NextGen provided financing for 100% of the project costs and the client took the rebate dollars as cash upfront to implement other property-wide upgrades. Ross Management put no money down, received a check in the amount of $263,749 and was immediately 15% cash positive on lighting related electricity. After the 5-year finance term, the client total savings jumps up to 70% for the remainder of the project life.

Because this was an energy-savings contract, retrofits were recommended over new fixtures. The project deliverable that the client was trying to achieve was financial savings. However, the clearer, crisper light of the LED provided a significant aesthetic enhancement to the property. Hallways were brighter, colors were bolder and the consistency of color across all hallways created an upgraded feel to the facility that was unexpected by ownership and an added, uncalculated benefit in terms of resident satisfaction.

A19 LED Light Bulb - Viribright

Viribright announces new high-CRI, high-efficiency LED light bulbs for residential, commercial and hospitality use.

CORONA, CA, April 26, 2016 – VIRIBRIGHT LIGHTING, a global leader in LED lighting manufacturing announced today the release of its new High-CRI, High-Efficiency light bulbs for residential, commercial and hospitality use.

The latest advancement in Viribright’s new LED bulb series includes the A19 9W (60W equivalent), omnidirectional lamps. These energy efficient solutions feature High CRI (Color Rendering Index) ratings of 90+. CRI is a measurement of a light source’s ability to show object colors naturally compared to a familiar reference source, either an incandescent light bulb or daylight.

“What we have achieved in delivering 90+ CRI and 90-95 lumens per watt is a breakthrough in technology in the lighting industry, as others who have attained 90 CRI have done so with far less efficiency. Our new products combine high quality light output, efficiency, great looks and affordability,” explained Jim Hardaway, Vice President of Viribright. “Gone are the days when energy efficiency meant inferior light quality, the consumer can have it all now with Viribright light bulbs.”

The technology inside these LED bulbs is Viribright’s patent pending remote phosphor up-conversion technology called ViriTrue™. Viribright is unique in its manufacturing process by positioning the phosphor apart from the LED to provide color consistency and stability over the life of the bulb.

Specific product features include:

  • Typical luminous output of 810-855 lumens
  • 60 Watt equivalent, 9 Watt consumption
  • Beam angles of 320 degrees
  • Correlated Color Temperature (CCT) of 2700K, 4000K and 6000K available
  • CRI of 90+
  • Efficiency (Lumens per Watt) of 95
  • Dimmable

The A19 9W High CRI lamps all feature exceptional efficacy, last up to 25,000 hours and are suitable for use in common fixtures and lamps.

These products are available through Viribright authorized distributors and resellers and are ready to ship from the company’s west coast and east coast distribution centers. For more information on where to purchase these products near you or how to become a distributor, please contact Viribright Lighting at: sales@viribright.us or call 877-847-4276.

About VIRIBRIGHT LIGHTING

Viribright Lighting is a subsidiary of Matrix Holding Limited (HKEX1005). Matrix Holdings Limited was established in 1979 and has been listed on the Hong Kong Limited Stock Exchange since 1994. Matrix Holdings Ltd. has factories in China and Vietnam with a total of 20,000 employees worldwide.

Viribright is a brand of affordable LED light bulbs that offer the mercury free, energy-efficient, crisp, beautiful light expected from advanced light bulb technology. With a growing selection of LED lighting products, Viribright is the next generation in lighting technology.

Santa Barbara ACE Hardware

We asked Gary Simpson and Tim Petter of the highly successful ACE Santa Barbara Home Improvement Center, located in Santa Barbara California, why they chose Viribright LED light bulbs exclusively!

VB: Why do you sell Viribright over other brands of the warehouse program?
GS: We feel the packaging and overall product is far superior over others that have been presented to us thus far.

VB: What do you find that your customers like about Viribright product above the other brands you have sold in the past?
GS: The color spectrum of the bulb and visual representation of the packaging seem to be the overall drivers for our customers.

VB: How would you rate our quality of product and support?
GS: The quality of the product has surpassed our expectations, and the support we have received from the company whether from the regional representative or direct has been outstanding.

VB: Why do you think that other independents should choose Viribright as a drop ship program over other brands.
GS: The product alone would be reason to choose Viribright but the support that is provided makes the switch over a no-brainer in our eyes.

VB: Any other comments you would like to make.
GS: We are very glad to have made the jump to carrying Viribright over any of the other brands even if it meant straying from the “pack” of our co-op.  The lighting market is heating up and is an area for independents to recapture a bigger segment of that market bringing new technology, efficiency, and price points.

 

Do it Best – CEO Bob Taylor sees light bulbs as an area of growth and profit for independent hardware stores.*

“The lighting piece I think is one of those areas for independents to kind of recapture a bigger segment of that business than what they traditionally had,” he said. In order for independent retailers to benefit from the LED light bulb market heating up they must be competitive price wise. “With prices of LED lamps dropping in the big box stores independent retailers need to buy smart and merchandise right” Jim Hardaway – Vice President of Viribright Lighting.

“LED is a game changer which shifts the bounds of traditional lamp distribution. When looking for a LED supply or supplier, whether in warehouse or drop ship make sure that you are getting the best quality at the best price and a product that differentiates your store from the ”me too” market.

“An LED light bulb placed in a socket today greatly reduces your ability to sell to that socket for the next 5-22 years due to the long life of LED. This in and of its self should be motivation enough to adopt a price competitive wide range, and unique product offering.”                  * Home Channel News May 29, 2013