Calgary-Based Avenue Living Reaches 15,000 Multi-Family Units Under Management Across North American Heartland
Sees Potential for Further Expansion in Key Locations
Avenue Living’s AUM
Calgary, AB, Oct. 13, 2022 (GLOBE NEWSWIRE) — All financial figures are in U.S. dollars
Calgary-based Avenue Living is pleased to announce that following the recent acquisition of a 386-unit property worth $52 million in Columbus, Georgia, it has reached a milestone of 15,000 multi-family homes under ownership in 23 regions across North America.
The purchase reinforces Avenue Living’s 16-year, proven consolidation strategy, which focuses on low-to-medium density workforce housing located in key markets. The company continues to target moderate growth markets that exhibit a diversified economic base and low institutional penetration.
“Since entering the multi-family space in 2006, we’ve focused on creating an operating model that puts the residents’ needs first,” says Anthony Giuffre, Founder and Chief Executive Officer at Avenue Living. “Our experience has shown that these needs transcend geographies, which presents opportunities to expand our defensible model across key locations in Canada and the United States.”
Avenue Living has a track record of immediately adding value to buildings and improving resident satisfaction. “We proactively implement service and technology improvements, like security, prop-tech, fin-tech, and capex investments,” says Giuffre. “Through our innovative solutions and operations-first approach, we have bolstered our reputation and investor confidence. Word-of-mouth referrals have increased, and our Net Promoter Score has risen consistently — a strong hallmark in the rental industry because it represents 365 days of good service, not one simple transaction.”
Avenue Living continues to see strong tailwinds in the workforce housing rental market and capitalizes on these conditions by consistently delivering best-in-class customer service to its residents — maintaining 97.5% occupancy across all units in North America and higher than average retention rates. This established service framework, through a vertically integrated operating platform, allows Avenue Living to deliver a consistent experience across new markets and support its expansion strategy.
“We use a rigorous research and analysis process to select each and every one of our multi-family properties,” says Jason Jogia, Chief Investment Officer at Avenue Living. “We understand local market conditions, industry and employment opportunities in the region, level of demand, and of course the potential of each property we acquire.”
As one of the largest consolidators of workforce housing across North America, Avenue Living’s latest milestone of 15,000 multi-family units puts the company into an upper tier within the Canadian real estate industry. Since the start of 2021, the organization has grown its unit count by 46%, acquiring over 4,800 multi-family units.
ABOUT AVENUE LIVING
Founded on the principle of investing in the everyday, Avenue Living focuses on opportunities that are often overlooked by others, having grown to $4.1 billion CAD in aggregate assets under management across four private real estate investment mandates. The Avenue Living team includes over 900 professionals with expertise in real estate operations and transactions, property management, research, investment origination, and capital markets, as well as a suite of subject matter experts to support Avenue Living’s growing portfolio of multi-family residential, commercial, agricultural land, and self-storage assets. In addition to 15,000 multi-family units located in Canada and the United States, Avenue Living and its related entities own over 496,500 square feet of commercial space, 82,900+ acres of productive farmland, and more than 4.6 million square feet of self-storage space.
This commentary and the information contained herein are for educational and informational purposes only and do not constitute an offer to sell, or a solicitation of an offer to buy any securities or related financial instruments. This article may contain forward-looking statements. Readers should refer to information contained on our website at www.avenuelivingam.com for additional information regarding forward-looking statements and certain risks associated with them.
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CONTACT: Tammy Cho Avenue Living 403.870.5831 tcho@avenueliving.ca
