Aegon Asset Management and Taurus Investment Holdings have bought the first asset for their $600 million joint venture.
The venture bought Canopy Villa Apartments (pictured above), a 296-unit apartment complex located in Orlando, Florida, built in 1981 for an undisclosed sum.
Aegon and Taurus launched the “ESG-centric” joint venture in March. It will acquire US multifamily assets and retrofit them to improve environmental performance.
Taurus’s RENU Communities subsidiary will carry out the retrofitting works required to make the asset a low-carbon, energy efficient building.
“Given Canopy's 1981 vintage, there is a significant opportunity for RENU to enhance the property through our tailored retrofit program," said Chris Gray, chief technology officer of RENU Communities. "We will aim to reduce its carbon footprint by more than 50%, greatly improving property operations and the quality of life for residents."