Describes How the Growing Partnership Has Created Significant Savings for One of the Country’s Largest Multifamily REITs, While Reducing Emissions and Enabling Compliance
(PRUnderground) November 10th, 2025
Parity, the leader in Remote HVAC Optimization, has released a new video case study detailing the success of its partnership with AvalonBay Communities, one of the country’s largest multifamily real estate investment trusts (REIT).
The partnership, which began with three communities in Midtown Manhattan and has subsequently expanded to comprise the majority of AvalonBay’s New York City portfolio, has already achieved more than $540,000 in savings, while reducing CO2 emissions by in excess of 1,000 tons.
“We are exceptionally proud of what we have accomplished with AvalonBay,” said Parity CEO, Brad Pilgrim. “As our partnership expands, we are confident that we can continue to deliver significant savings in terms of both dollars and emissions without compromising tenant comfort or satisfaction.”
Alex Heckman, Director, Engineering for AvalonBay, explained that the company was searching for a way to modernize its approach to HVAC in its New York properties.
“Here in New York we have these older, brick facade, steam, central plant systems, and it’s a big challenge to keep those systems running efficiently,” said Heckman.
However, AvalonBay wanted a solution that wouldn’t require it to rip out existing systems. “These properties are large, high occupancy, and energy intensive. A software-based approach to savings made a lot more sense than hardware overhauls,” said Heckman.
They were also seeking a partner with a particular focus on the multifamily sector and its unique requirements. “A lot of [companies] out there cater more to the hospitals, the pharmaceuticals, the industrials. And then I found Parity, which really caters to multifamily, which was refreshing,” said Heckman.
Thus began a pilot program of sorts in three of AvalonBay’s Midtown Manhattan properties—the two buildings that constitute Avalon Clinton and the building known as Avalon Midtown West. AvalonBay invested just under $280,000 in the program, and it has already achieved savings that double what was guaranteed by Parity.
In addition to those savings and the aforementioned reduction in carbon emissions, AvalonBay estimates that Parity’s platform has resulted in an additional $290,000 in Local Law 97 fine mitigations and $30,000 in demand response revenue.
Perhaps most importantly, these objectives have been achieved without impacting AvalonBay’s residents. “We still want to reduce energy consumption, but we can do that in a way that doesn’t sacrifice tenant comfort,” said Ryan Younis, former Senior Manager, Sustainability & Decarbonization at AvalonBay.
Moreover, AvalonBay anticipates that because the Parity platform is continually refining and improving its HVAC optimization, additional efficiencies and advantages will be achieved in the future. “One huge benefit of Parity is the continuous and sustained improvement of the building operations. We expect the buildings to get better and better and be more efficient,” said Younis.
Parity’s platform has also improved the quality of life for AvalonBay’s engineering and maintenance systems. By providing real time updates on issues with HVAC systems, AvalonBay’s team can resolve problems before a resident complains or a work order is received.
AvalonBay aims to meet or exceed the decarbonization requirements set by New York City by 2030. According to Younis, Parity will be a crucial part of the company’s strategy for achieving those goals. “Parity’s main goal is HVAC optimization, but I see it as the full package to [decarbonize] our existing portfolio,” said Younis.
For all of these reasons, AvalonBay has significantly expanded its partnership with Parity. The REIT is currently utilizing Parity’s platform in 10 communities in Manhattan, with four Brooklyn communities and two Boston properties coming online in 2026; additional partnerships in Washington, D.C. are also on the horizon.
“Parity’s impact has been clear, and we see even greater potential ahead,” said Michael Simpson, Senior Regional Maintenance Director with AvalonBay. “As AvalonBay looks to the future, this partnership is helping us reimagine what sustainable living means for our portfolio of communities, our residents, and our teams.”
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About Parity
Parity is a Remote HVAC Optimization as a Service company. They deliver guaranteed utility cost savings to multifamily residential buildings and hotels with no upfront investment. Parity’s cutting-edge software remotely controls and optimizes HVAC systems in real time for optimal energy efficiency. Beyond utility cost savings, Parity reduces CO2 emissions, maximizes demand response revenue, and reduces onsite staff workloads, all while maintaining occupant comfort.
About AvalonBay Communities, Inc.:
AvalonBay Communities, Inc., a member of the S&P 500, is an equity REIT that develops, redevelops, acquires, and manages apartment communities in leading metropolitan areas in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California, as well as in the Company’s expansion regions of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado. As of June 30, 2025, the Company owned or held a direct or indirect ownership interest in 315 apartment communities containing 97,212 apartment homes in 11 states and the District of Columbia, of which 20 communities were under development. More information may be found on the Company’s website at https://www.avalonbay.com.
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