CHICAGO and AUSTIN, Texas, July 14, 2015 /PRNewswire/ -- LivCor, LLC, a portfolio company of global asset manager Blackstone (NYSE: BX), and Austin-based Banyan Water, a leader in the emerging field of smart water management, have expanded their partnership by deploying Banyan's Smart Irrigation solution at more multi-family properties in several states, including drought-plagued California.
Since the implementation of Banyan's water management solutions at LivCor properties in Texas began last year, LivCor has realized a savings of 42.8 million gallons of water across a portfolio of multi-family communities -- the equivalent of a month's water supply for 3,565 households. With the expanded deployment of the Smart Irrigation solution to six additional properties in California, North Carolina and Colorado, LivCor is expected to achieve a savings of 75.8 million gallons of water over the next year, averaging 4.5 million gallons per property.
"LivCor takes a hands-on approach to asset management, and we are focused on doing what's right for the environment and the bottom line. After seeing the dramatic results of implementing Banyan Water's Smart Irrigation solution in Texas, it makes sense to expand our water conservation efforts, using the same water-saving technology, to LivCor properties in other states, especially California, where the grip of the current drought continues to tighten," said Ralph Pickett, chief executive officer and president of LivCor. "Banyan Water's solutions have not only helped reduce water use in our portfolio of properties, but also have resulted in significant, measurable cost savings."
Banyan Water provides full water management services to the expanding portfolio of LivCor properties, incorporating real-time water use data, a proprietary web platform and remote monitoring and control capabilities. LivCor and Banyan Water are currently assessing opportunities to expand the use of these technologies to additional properties in other states, including Florida, Tennessee, Kentucky, Illinois, Massachusetts and Oregon.
"We are thrilled to expand our partnership with LivCor based on the water and cost savings achieved to date," said Gillan Taddune, chief executive officer of Banyan Water. "We believe that smart water technology is a key solution for managing water resources under drought conditions. As water continues to be one of the fastest growing utility costs, our partnership with LivCor is a great example of how data-driven technologies can create market-based solutions to our water shortages without relying on utility restrictions."
About LivCor, LLC.
LivCor is a real estate asset management firm headquartered in Chicago, Illinois. Formed in 2013 as a portfolio company of Blackstone (NYSE: BX), LivCor specializes in hands-on asset management of multi-family properties throughout the U.S. In collaboration with its operating partners, LivCor oversees the management of its properties furthering a mission of maximizing return for investors while offering best in class service to residents. For more information, visit www.livcor.com.
About Banyan Water
Founded in 2011, Banyan Water provides smart water management as a service for commercial and institutional businesses using real-time technologies and related services to save money and enhance properties. Banyan Water believes that better water management is not just a key source of profit for clients, but a requirement in meeting the needs of our growing population. The company helps businesses find and maintain water savings opportunities throughout their portfolios. For more information, visit www.banyanwater.com.
SOURCE LivCor, LLC; Banyan Water