It is with heartfelt appreciation that we officially announce the conclusion of the Avenue Living Opportunity Trust, effective December 2023.
Your constant support has been the cornerstone of the Trust’s success since its inception in 2016, and for this, I extend my deepest appreciation. Both triumphs and challenges have marked our collective journey, and I take great pride in the remarkable achievements we have realized together.
Over the last seven years, we grew the Trust to a noteworthy $255.3 million AUM by astutely identifying residential assets that held potential and improving their value through innovation, capital investments, and active management. Paired with a mix of stable commercial assets and tenants, this unique strategy allowed us to generate an annualized return of 13.62% for investors while providing improved living environments for thousands of Canadians. Through our shared investment, we’ve fostered sustainable development by reimagining existing properties, making them more energy-efficient and comfortable for residents—while maintaining affordability. Additionally, we facilitated a tax-deferred exchange of units, offering unitholders a seamless transition from Op Trust to Core Trust.
As we close this chapter, I want to express my sincere thanks for the trust you placed in us, your valued partnership, and your integral role in the success of the Avenue Living Opportunity Trust.