Essex Property Trust, Inc. (NYSE:ESS) announced it has co-launched a new Environmental, Social and Governance (ESG) focused “Housing Impact Fund” (“the Fund”) with UDR, Inc (“UDR”) to be managed by RET Ventures (“RET”), a venture capital firm focused on technology for the multifamily, single-family and broader real estate asset classes. Essex has committed $10 million to the new fund. The investment vehicle will support the growth and successful implementation of ESG solutions for the housing industry, including technologies that improve both the environmental and social outcomes of new developments and existing properties.
An important goal of the fund will be broadening the sector’s approach to ESG, utilizing a more holistic focus that addresses climate change and environmental risks as well as social issues, including housing affordability, building health and safety, and resident well-being. From an environmental standpoint, solutions may include platforms focused on improved building design, reducing energy usage and carbon emissions, efficient waste management, and ESG data collection and reporting.
“Taking a leadership role in this fund marks an important next step for Essex as we continue to expand on our decades long commitment to sustainability and investing in technologies that target an environmental benefit,” said Mike Schall, CEO at Essex. “We look for business strategies and products that focus on a quantitative and thoroughly researched approach to selecting social and environmental solutions. As a prominent provider of housing on the West Coast, Essex acknowledges its responsibility not only to shareholders, but to its associates, residents, and communities to address the impacts of climate change, and we are eager to be a part of this joint approach to identify environmental and social technology solutions available to the multifamily industry.”
About Essex Property Trust, Inc.
Essex Property Trust, Inc., an S&P 500 company, is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. Essex currently has ownership interests in 253 apartment communities comprising approximately 62,000 apartment homes with an additional 2 properties in various stages of active development. Additional information about the Company can be found on the Company’s website at www.essex.com.
Group VP of Private Equity & Finance