PearlX, Aspen Real Estate Financial, and The San Bernardino Housing Authority Unlock the Energy Estate at Golden Sands Apartments

A 224-kilowatt solar system in Victorville brings workforce housing residents discounted clean energy, as electricity costs and grid strain make on-site solar infrastructure a necessity, not a luxury

VICTORVILLE, Calif., July 16, 2026 (GLOBE NEWSWIRE) -- PearlX, the energy infrastructure and capital partner to multifamily owners and developers, today announced a new partnership with Aspen Real Estate Financial LLC and the Housing Authority of San Bernardino to deliver a 224-kilowatt solar energy system at Golden Sands Apartments, a 120-unit housing community located at 15930 Nisqualli Road in Victorville, CA.

The partnership is a demonstration of PearlX's Energy Estate model, a framework that treats multifamily buildings not merely as structures that consume power, but as distributed grid assets with long-term, financeable value. Through a master lease agreement, PearlX finances, installs, and operates the full energy system at no capital cost to the property owner, paying landlords rent in exchange for the right to manage the building's energy load and infrastructure.

The backdrop makes this partnership timely. The average monthly residential electricity bill has risen nearly 30% since 2021, and at least 242 electric and natural gas utilities have already implemented, been approved for, or are proposing rate increases affecting more than 111 million electricity customers between 2025 and 2027. Data center energy demand is projected to rise from roughly 5% of total U.S. electricity consumption in 2025 to nearly 12% by 2030, squeezing a grid that was never built for this load. For multifamily operators, these aren't abstract macro trends. They arrive in the mail every month.

For a workforce housing community like Golden Sands, the stakes are especially meaningful. Low-income families already spend more than 15% of their income on energy, and rate pressures show no sign of easing. Regulators approved 43 rate hikes totaling $11.6 billion in increases in 2025 alone, with 56 million Americans seeing higher utility bills as a result. Residents who choose to participate in the solar program will receive a 12.5% discount on their electricity costs compared to standard utility rates, a meaningful and durable hedge against a cost curve that is structurally pointed upward. Participation is optional, giving residents full flexibility in how they manage their energy needs.

"PearlX is proud to unlock the Energy Estate at Golden Sands alongside Aspen Real Estate Financial and the Housing Authority of the County of San Bernardino," said Michael Huerta, Co-Founder of PearlX Infrastructure. "This public-private partnership shows that the Energy Estate model can scale across the country for the multifamily market."

"Bringing PearlX in as our energy partner at Golden Sands was an easy decision," said Harry Richard, Partner at Aspen Real Estate Financial. "Affordable housing communities like this one deserve the same quality of sustainable infrastructure as any market-rate property. PearlX's ability to deploy capital quickly and manage these systems over the long term gives us confidence that our residents and operational teams will benefit for decades to come."

"Housing for working families plays a vital role in addressing the gap between subsidized housing and market-rate rents," said Rishad Mitha, Deputy Executive Director of the Housing Authority of the County of San Bernardino. "Golden Sands represents an opportunity to bring quality housing to households with moderate incomes who are often not eligible for traditional affordable housing programs but still find market rents out of reach. Pairing that with meaningful energy savings through PearlX's solar program makes this partnership even more impactful. We are proud to support an initiative that aligns financial responsibility with our mission to expand housing opportunities across our community."

Golden Sands Apartments was recently acquired by Aspen Real Estate Financial LLC in partnership with the Housing Authority of the County of San Bernardino and the California Affordable Housing Agency and will be operated by the county housing authority. The property consists of 24 one-bedroom units and 96 two-bedroom units. The 224-kilowatt solar system will provide power to all 120 units as well as common area spaces and is expected to be fully operational in 2026.

With electricity emerging as what one analyst called "the new eggs," the defining pocketbook issue of the decade, PearlX and Aspen Real Estate Financial are betting that the best place to solve that problem is at the building level, one Energy Estate at a time.

About PearlX

PearlX is a distributed energy infrastructure and capital partner to multifamily and commercial real estate owners. Through long-term master lease agreements, PearlX deploys and operates solar, battery storage, EV charging, and smart energy systems nationwide. We convert building assets into productive Energy Estates that generate owner income, lower resident energy costs, and contribute flexible capacity to the grid. Learn more at pearlx.com.

About Aspen Real Estate Financial

Aspen Real Estate Financial LLC (AREF) has developed a mission-driven workforce housing platform focused on the creation of Class A & B quality affordable housing nationwide. AREF partners with municipalities for the acquisition, new construction, or rehabilitation of affordable housing, utilizing a long-term lease structure with cities and housing authorities to deliver workforce housing at 15–20% below comparable market rents — targeting moderate-income households at 80%–120% of AMI. AREF's mission is to reduce the burden of rising rents by programming increases at a fixed moderate rate based on historical HUD benchmarks. For more information, please visit www.arefllc.com.

About the Housing Authority of San Bernardino

The Housing Authority of the County of San Bernardino (HACSB) is a leading provider of affordable housing, serving nearly 28,000 residents, including seniors, families, and veterans. As a Moving to Work (MTW) agency, it focuses on developing innovative, local policies that foster housing stability, economic independence, improve operational efficiency, and facilitate large-scale community redevelopment. Read more about the agency's mission and background at hacsb.com.

Media Contact
Jack McKee
jm@pearlxinfra.com
(833) 919-4775

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9f42797c-8d78-47d8-8d60-f8fb35cd411a

Golden Sands Apartments

PearlX, Aspen Real Estate Financial, and The San Bernardino Housing Authority Unlock the Energy Estate at Golden Sands Apartments

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