LOS ANGELES, March 18, 2025 (GLOBE NEWSWIRE) — PearlX, an energy infrastructure and capital partner to multifamily owners and developers, has committed to invest $3 million to bring a solar power and battery system to Sand Canyon, a new, 323-unit, 582-bedroom apartment community under construction in Santa Clarita, California.
As a solar infrastructure equity partner for multifamily owners and operators, PearlX will manage the installation, upkeep and long-term maintenance of a solar and battery system at the property through a triple-net lease structure. In conjunction with Cal Solar Inc., the project’s engineering, procurement and construction partner, PearlX will be providing Sand Canyon residents with a clean energy amenity that will decrease energy costs and lower their carbon footprint.
Sand Canyon Apartments is a 323-unit community inclusive of 259 conventional apartments (4-story wrap building) and 64 townhomes (3-story units). The project offers floor plans ranging from studios through four-bedroom townhomes, appealing to a broad range of renters and price points. Santa Clarita, a premier Los Angeles suburb located north of the Hollywood Hills, offers some of the top-rated schools in California, safe neighborhoods, abundant parks and open space, nearby retail and proximity to multiple employment centers, which are appealing to commuters.
“Now more than ever, developers are looking for ways to increase returns and lower project costs in an environment where interest rates, land costs and construction timelines have squeezed margins,” said Phillip Forrester, Senior Director of Sales at PearlX. “We are excited to be working with Sand Canyon on a solar roof lease program that helps to mitigate these macro trends while also providing a cutting-edge amenity to the community’s residents.”
“The PearlX team has a revenue generating value proposition and a deep knowledge of project finance and energy infrastructure construction, which made this arrangement a no-brainer,” said Steve Martin, Director of Development at Greystar, the development team behind Sand Canyon. “It’s great to know we can rely on them to provide the solar infrastructure for Sand Canyon and handle the ongoing maintenance of these essential systems.”
Construction on Sand Canyon commenced in Q1 of 2024 and is expected to wrap up in mid-2026.
About PearlX
Founded in 2019, PearlX is an energy infrastructure and capital partner that works with multifamily owners and operators across the U.S. to provide clean, reliable smart grid power systems to thousands of residents at a reduced rate, while increasing NOI for owner-operators. Through installing and operating solar and battery storage systems and other electrification amenities on multifamily properties, PearlX helps multifamily property owners meet their ESG goals with no capital outlay. To learn more about PearlX, visit: https://pearlx.com/
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Caroline Thompson
Vice President, Akrete Communications
caroline.thompson@akrete.com
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