Many Canadians are renting for longer than they have in the past, due to factors including, rising housing costs, stagnant wages and freedom associated with renting. At Avenue Living, we invest in workforce housing, an asset class which caters to a particular subset of the population – those who are overqualified for affordable housing but may not yet be able to afford to purchase average market-rate homes. Among Canadians, 28 per cent live in some form of rental housing and a large percentage of those are Millennials.

Millennials have been at the centre of media attention for many years, and as they transition from post-grads to making up the bulk of the workforce, they are faced with a whole new set of challenges. Individuals born between 1981 and 1996 were labelled “Millennials” because they would join society as adults around the turn of the millennium. They now represent the largest generation in the country, accounting for 27 per cent of the population according to Statistics Canada.

Millennials are also the most educated generation, as the current job market demands higher training, but also offers the opportunity for the highest returns. However, what comes hand-in-hand with increased education? Debt. With rising tuition, higher costs of living and stagnant incomes, Canadian Millennials are racking up debt like no generation before them. According to KPMG, the average debt-to-disposable income ratio in Canada was almost 87 per cent in 1990, and more than 175 per cent at the end of 2018 — a trend raising the Bank of Canada’s alarms about the country’s economic vulnerability. Add in looming student loans plus a newly mortgaged home, and many Millennials find themselves living paycheque to paycheque.

So why do Millennials rack up such high personal debt without knowing when (or if) they will be able to pay it off?

The answer is simple: the American Dream.

David Macdonald, senior economist at the Canadian Centre for Policy Alternatives (CCPA) explains that this unfortunate financial situation is mostly due to timing. Millennials are, “the cohort that graduated with record debt levels due to climbing tuition fees and are faced with a real estate market that requires dramatically more debt than it did even a decade ago.” People who bought property before the late 1990s are the ones who benefited from the large jump in home prices, his research shows.

Due to their success in the market, parents of Millennials, most often the Baby Boomer generation, see homeownership as the ultimate road to financial gain — it worked for them, so it will work for their children too. This ‘dream’ has led many Millennials to sign up for mortgages they can’t afford, adding to their ever-increasing personal debt from student loans, credit cards, the list goes on. KPMG reported that the debt-to-income ratio for young Millennials is as high as 216 per cent, while it was 125 per cent for Generation Xers at the same age (between 23 and 38), and 80 per cent for Baby Boomers.

From societal pressure, guilt from family members and envy that Millennials feel for other homeowners, they continue to accumulate debt in the hopes of achieving this lifelong goal, even if they’re sacrificing future retirement savings in exchange for owning a home. KPMG reports that 72 per cent of Canadian Millennials say that owning a home is a goal, but 46 per cent say that doing so in the near future is a pipe dream. On average, Millennials are taking 13 years to save for their 20 per cent down payment, while it took their parents only five years in 1976, according to Generation Squeeze.

This trend has been exacerbated by the COVID-19 pandemic, with real estate prices in many Canadian cities climbing to all-time highs. According to a recent poll from Royal Bank of Canada, 62 per cent of respondents saying they expect the majority of people will be priced out of the market over the next decade, with 36 per cent stating they have given up on ever buying a home.

This financial landscape leaves us with two conclusions for Millennials’ future living situations:

Millennials are renting for much longer than their parents’ generation in order to save up before buying their first home, therefore elongating their renting years.

Some Millennials will choose to rent long-term and never buy a home, building their wealth through investments, stocks, and other avenues in order to avoid homeowner costs, like a mortgage, accrued interest, property tax, repairs, etc.

Whether Millennials choose to rent long-term or eventually buy a house of their own, this trend of renting for longer means a tightening of the rental market and the potential for higher occupancy for real estate owners and investors. Millennials need comfortable, stable, affordable rental properties now — and in the future — that they can call home in this narrowing market. If this generation is renting for upwards of 13 years before buying their first home (if ever), the need for ‘home-like’ rentals will rise. However, the biggest obstacle to overcome will be the ‘American Dream’ mindset of owning a home to feel successful.

Buying isn’t always the right decision, despite what the older generation might say. Depending on their desired lifestyle, finances, future goals and dream living space, renting long-term can be a better option. Bridget Casey compares the cost of buying and renting the same Calgary home over the long-term, only to find that the cost would be about equal once you take into consideration repairs, property tax and interest accrued when buying, in opposition to investment opportunities for those with more capital when renting. Therefore, this age-old belief that buying property is always a safe option is no longer true. Renting can be a long-term solution to living a happy, prosperous, financially stable life.

With this generation extending the rental period and considering long-term rentals as a financial plan, this opens up the opportunity for multi-family owners and operators to step in and offer solutions. We understand the importance of quality construction, neighbourhood diversity and ever-changing societal trends, responding to what people need and when in real-time. Avenue Living’s focus continues to be on providing comfortable, affordable workforce housing.

We will continue to invest in safe, accessible properties with individuals, couples, and families in mind so that we can provide affordable solutions for those looking to rent long-term, giving them the value they desire without the responsibility of homeownership.

We’ve seen the trend of renting long-term grow over the years, and we’re working to stay ahead of the curve by accommodating the diverse needs of renters with all kinds of lifestyles, family situations, and ambitions.

---

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.alamstg.wpenginepowered.com for additional information regarding forward-looking statements and certain risks associated with them

Building Relationships and Communities Through the Avenue Living Resident Experience

“Everything we do from an operations standpoint, we do to make sure our residents feel safe and comfortable in their homes,” says Kelly Mahajan, Vice President of Operations for Avenue Living Communities.

We often talk about how Duty of Care is one of the fundamental pillars of our business. Avenue Living has been built on providing quality homes for people across western Canada, and we’re keenly aware of what a significant responsibility that is. Our duty to our residents covers the physical environment we provide as well as all the services we offer to support them, from finding the suite that matches their needs to ensuring our response to any concern is timely and efficient.

Looking at the Big Picture

The resident experience is about so much more than what an individual suite is like. It encompasses our operations, our service, and the community we foster within each property.

“Really, it’s about understanding all of our touchpoints, and knowing what that experience is like for our residents,” says Kelly. “It’s about creating that welcoming community, that comfortable place to live with neighbours they know and staff they’re familiar with.”

Creating that experience encompasses everything from how we present a professional image through signage, staff uniforms, and communications to our approach to service and maintenance.

“We really want a consistent level of excellence in everything we do,” says Kelly. That includes how we handle resident concerns. “It’s about taking appropriate and timely action, and really empathizing with the resident. We really work to understand what the resident is dealing with, communicating clearly with the resident about their experience, and following through with an effective plan of action.”

Part of creating that experience means being proactive. We have a rigorous quality assurance program that involves regular assessments of all our properties to make sure everything is in working order. “

We also have a pledge to address any resident concerns within 72 hours. We manage to consistently beat this, with an actual average of 47.5 hours, thanks to our dedicated team of maintenance staff who execute maintenance requests to ensure our residents are comfortable and secure. And while not every request can be resolved that quickly (for example, the job may require parts delivery that takes longer than three days), we’re committed to ensuring we’re openly communicating with residents and addressing their concerns throughout the experience. We also follow up with them post-job, to make sure they’re satisfied with the work.

The Call Centre is available to residents around the clock, every day of the year, via phone, email and chat. But we’re working on ways to simplify things even further for them. “In the future, we’d really like to give residents more options for how they engage with information from us,” says Kelly. That may include tools such as a resident portal, which will provide a central place to access news and updates, as well as to contact Avenue Living with their concerns. “We want to simplify things from the resident’s perspective.”

Our residents are a diverse group, each with their own needs and preferences. As a result, we use a diverse set of communication tools to make sure we reach everyone. That includes print material, e-mail, and even text messages. We know that how we communicate with residents — right from the mode to the words and images we use — sets the tone for our relationship. So we take care to get it right.

Capex for Comfort

We make our decisions about capital expenditures carefully and strategically. Obviously as investors we want to add the most value to our assets and ensure they last as long as possible. But a key component of adding value is ensuring our residents feel safe, comfortable, and at home in our properties.

Our capital expenditures often focus on things that make a building more comfortable or safer for residents — for example, re-roofing, replacing flooring, or installing new boilers. These improvements mean the temperatures of their homes are more comfortable, and the durable finishes are cleaner and brighter. But we invest in other spaces, too. In Edmonton’s Delton Townhomes, for example, we’re making improvements to the outdoor space to give families a space to gather and play. In King’s Alley in Calgary, we’re renovating the community room to give residents a welcoming place to safely gather.

Continuous Improvement

We know that no matter how high our standards are, and how often we meet them, there’s always an opportunity to do better. We’re actively working on ways to improve our resident experience with short-term programs, like our new Resident Inquiry Program, which helps ensure Regional Portfolio Managers are aware of any inquiries that may come in outside of their working hours. But no matter how our residents communicate with us, or we with them, our priority is the same: making sure that when they live in one of our properties, they’re living in a place they can call home.

---

 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.alamstg.wpenginepowered.com for additional information regarding forward-looking statements and certain risks associated with them.

“Duty of Care is one of the pillars of our company,” says Aman Bhalla, Senior Vice President of Investment Management for Avenue Living. “Investing in multi-family residential means investing in homes, and it’s vital that we ensure those homes are safe, comfortable, and affordable.”

Avenue Living owns and operates approximately 500 class B and C multi-family properties in western Canada and the United States. We’ve focused on “investing in the everyday,” purchasing and revitalizing vintage buildings and providing affordable homes for many in the essential services. Our properties are home to more than 25,000 residents across the Prairies, who, on average, call our properties home for an excess of three years. 

As stewards of capital, we make sure we look after those investments. We have a duty to our investors, our residents, and our employees to ensure our properties and customer service consistently meet a high standard. That’s why, in 2019, we implemented a rigorous program to ensure we continue to meet our standards.  We’ve developed and implemented detailed quality assurance assessments that help us monitor the qualitative and quantitative elements of our business including building quality, maintenance requests, resident feedback, employee engagement and safety. The program gives us an accurate picture of current performance and helps us layout plans for continuous improvement. On top of that, it’s working.

Since the program’s launch we’ve seen an average improvement of three per cent every quarter. “Today, we have a 91 per cent success rate across the board. We’re really encouraged by the achievements from our operations team,” says Aman

A Dedicated Team

In each region, we have a robust team of maintenance, leasing, and operations specialists who are dedicated to making sure our residents’ homes are safe and comfortable, and the service they receive is of high quality. Our property management team has a maintenance budget and capital expenditure plan dedicated to maintaining and improving our assets.

The quality assurance program includes a detailed set of assessments which ensure quality assurance team assess properties in each portfolio according to the same criteria in order to adopt a standardized approach. Assessments look at every aspect of our operations, including:

Customer Service: We examine key performance indicators, how leasing agents are helping prospective residents find the home that meets their needs, and how regional teams are dealing with resident concerns. Measures include work order turn-around time, leasing conversion rates as well as interviews with residents.

Property: Our QA team conduct detailed assessments that capture the condition of our buildings down to the tiniest details. They examine common areas, exteriors, and vacant suites to ensure they’re in good condition. Their reports include photographs and clear notes for building maintenance teams.

Post-Assessment Meetings: Once an assessment is complete, we connect with the property managers to go over the findings. We talk about where we’re doing well and where we can improve and develop a plan to address any challenges that were discovered during the assessment. A continuous improvement mindset is essential to the success of the program, and our regional operations teams are empowered and supported to make improvements.

“This quality assurance program also demonstrates to our investors that we are dedicated to creating sustainability for our investments,” says Aman.

From a business perspective, investing in operations this way helps us retain residents, which in turn helps generate stable rental income. But this approach is also part of our triple-bottom-line philosophy: in taking care of our investments through regular maintenance and capital expenditures, we provide residents with a safe, comfortable place to live, and the surrounding community benefits, too. Residents who remain in place longer are more likely to be connected with the surrounding community, and the community benefits from affordable, well-maintained housing options — which benefits all of us.

---

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.alamstg.wpenginepowered.com for additional information regarding forward-looking statements and certain risks associated with them.

One of our core values is Duty of Care — where we consistently go the extra mile for our residents, ensuring they have the most positive experience possible while they call one of our suites home. This value continues to guide our actions, keeping our residents front and center of all our operations.

Avenue Living’s Call Centre embodies this value each and every day, providing timely, quality service. Given this, it is no surprise that our Call Centre has become a key focus and industry differentiator for us. Some highlights we are extremely proud of include our service level, percentage of calls handled and average wait time, which have greatly exceeded industry standards. Although our service level states that we will answer 85% of all calls within 60 seconds, over the last six months, our service level on average has been at 98.8%. Over the same period, we have maintained a call-answer rate of 96.9% with an average hold time of only 29 seconds.

We understand that life happens every day, and that our residents have needs, every day. That’s why it is important for us to be available to our residents seven days a week, 24 hours a day and 365 days a year.

We have a next-day callback standard for any resident inquiries, and a standard of 72-hour turnaround time for maintenance requests. We manage to consistently beat this, with an actual average of 47.5 hours, thanks to our dedicated team of maintenance staff who execute maintenance requests to ensure our residents are comfortable and secure. Furthermore, our outstanding work orders as a per cent of overall units remained below Avenue Living’s 3 per cent target. After all, we are in the business of investing in the everyday, and we do not take this responsibility lightly.

Dual Purpose

“We demonstrate our Duty of Care value in many different ways with our existing residents. We are available to our residents via live chat, email as well as phone. We’ve made it easier for residents to connect with us,” said Jon Enslen, Resident Experience Manager for Avenue Living Communities.

“We’re working on a new system that’s also going to allow us to exchange text messages with current residents as well as prospects. The system will also work with other platforms, such as Instagram or Facebook. It’s going to have it in one central place with the capability to distribute the request to the next available agent. A true omnichannel solution.”

Enslen’s primary responsibility is managing the Call Centre with a team of about 30 people who are referred to as Resident Experience Specialists, and he is very proud of his team and the responsibility they hold.

“We serve a dual purpose in that we are the first line of defence for any current residents, who call for any number of reasons. Whether it’s a question about their tenancy, an issue regarding their rent or rent payments, or a leaky tap, we’re their first point of contact most of the time and do what we can to resolve those issues without having to go outside our Centre,” said Enslen. “Our primary function is to offer a first-call resolution to that resident. We want to make it a very positive experience.”

The Call Centre also deals with prospective residents, who may have reached out to Avenue Living through the live chat on the website, or called the company via the number on the website or in an ad.

“Our job is to match them with what they’re looking for with our current vacancies. We always want to be able to find an alternative for them even if we don’t have a vacancy in the particular building they’re interested in.”

Serving 25,000 Residents

The Call Centre serves the more than 10,000 residential rental properties owned by Avenue Living in Alberta, Saskatchewan and Manitoba.

On any given month, Enslen said the Call Centre will handle about 5,000 phone calls and 8,000 to 10,000 emails from existing residents and prospects. There are also about 700 to 900 live chats per month.

We have invested in technology that helps us respond to resident inquiries almost instantly. Clark the chatbot joined the team in 2020, and he has allowed us to reduce our average live chat response time to 4 seconds by booking viewings, answering frequently asked questions and responding to the 700 to 900 live chats we receive a month. Clark answers FAQs with ease, allowing our team to focus on the more complex inquiries.

Response to COVID-19

The COVID-19 pandemic forced the Call Centre to adapt very quickly. Prior to COVID, operations were mostly in the office with people working side by side. Because of the pandemic, the Call Centre immediately went into a remote work environment for three months.

“That paved the way for what we’re thinking about today. It forced us to adapt a little bit and leverage even more so, the beauty of technology. The reality is, with a phone and a reliable wireless connection, we can access pretty much everything we need to serve our residents. For the most part, the majority of our residents and prospects really had no idea we were working from home because it really was seamless,” explained Enslen.

“There was very little impact on our overall performance. One of the things we measure in Call Centre is average handle times. How long does it take to answer an email? How long does it take to answer a phone call? How long does it take to be available to take the next phone call? There was very minimal impact to our handle times when we first moved everybody home. The team passed that test fantastically. Super thrilled with the job they’ve done.”

Despite COVID-19 and the negative effects it has had across every aspect of life, Avenue Living continues with business as usual. The deliberate actions were taken at the start of the pandemic and maintained as part of our core value of “Duty of Care” ensured there was no operational effect. Our residents’ needs are at the front and center of all our operations, and we will continue to prioritize these, and ensure our resident’s needs are met with utmost care and attention.

---

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.alamstg.wpenginepowered.com for additional information regarding forward-looking statements and certain risks associated with them.

Sometimes, the things that make the biggest difference in the quality of a home are the invisible upgrades, not the flashy finishes. The roof that keeps the elements at bay, the flooring that wears well and is easy to keep clean, the faucet that doesn’t drip. They’re the things that keep residents happy and comfortable and, when done well, make sure our investment in a building benefits everyone over the long term.

The Avenue Living model focuses on investment in class B and C multi-family housing — the type of buildings that others often overlook. When adding assets to our portfolio, we focus on how we can reposition these buildings in the market by investing in extensive capital expenditures, from siding to roofs and boilers. Older or “vintage” buildings in established neighborhoods sometimes need some TLC to help them reach their potential. Since 2015 Avenue Living has invested $340 million on capital improvements, adding value to our portfolio, investors, and residents.

It’s an approach that’s different from other owner-operators, and it highlights our philosophy that we’re stewards of capital. We see ourselves as working alongside our investors to ensure the buildings we acquire and the projects we undertake provide the best value for everyone.

“We take a long-term view on building improvements,” says Neal Shannon, Senior Vice President of Capital Expenditures, “and that’s a different approach from others in this space.”

For example, Avenue Living will often invest in roofing — many operators will use a spray roofing product that seems more budget-friendly up front but doesn’t last  long-term. “Our team will source a much more robust and long-term roof material and assembly that will bring the useful life to 25 years or more, so while we would spend more initially on the investment, the total cost of ownership of that roof system over time is a lot less when we buy the right product,” says Neal. “It’s a good example of where the long-term view on a capital expenditure has benefits for us as an owner-operator.”

Since 2015, our capital projects have included 55 roof replacements, more than 80 full boiler replacements, and improvements to over 150 common areas. In 2020, we invested in 3,558 “suite turns,” which are improvements we make to suites between residents, allowing us to renovate without disrupting tenancies.

Careful Analysis

Neal and his team carefully evaluate the capital projects we undertake in order to create the most benefit for all stakeholders, which includes our organization, residents, lenders, and investors. The team works closely with procurement specialists, which allows us to find the best deal possible. In some cases, we may be able to work directly with the manufacturer, as we do with the stone plastic composite flooring we use in our suites and common areas.

“Buying directly from the manufacturer has allowed us to get a commercial-grade product for a lot less than we might have paid otherwise,” says Neal.

The group also uses a rigorous process to choose service providers — such as tradespeople and installers — clearly defining a scope of work and reviewing multiple bids before moving forward. The process ensures Avenue Living hires the right team for the project every time, rather than going with a single-source contract. “There can be substantial variance in quotes,” says Neal. “We’ve seen fifty or even 100 per cent variance, so we could have potentially overspent by single-sourcing projects.”

The benefit for investors seems straightforward, as it does for Avenue Living: by installing higher-quality fixtures, roofing, or mechanical, the cost of ownership over time is much lower. But there’s a benefit for residents, too — they know someone is looking after their home. Higher quality materials mean fewer repairs, which in turn means less disruption for residents. But it also cultivates a sense of pride in their home — we hope the residents who live in our well-kept buildings feel respected and want to join us in taking care of their home.

“By purchasing higher-quality materials we do distinguish ourselves from other owner-operators,” says Neal. “And that’s also how we invest in the everyday.”

Benefits for Residents, Investors, and Communities

Investing in capital improvements to vintage buildings often has benefits for the surrounding community, as well. The buildings we invest in are usually in established areas, and creating a new, desirable place to live can have a ripple effect. Residents have a place to call home that’s comfortable, well-maintained, and affordable, and we work to foster a sense of community in the building and with the surrounding neighborhood.

“You can do a lot more with a lot less by converting existing rental stock into workforce housing,” says Neal. “Building brand new and then having to charge $2,000 a month to cover those costs is not an affordable solution.”

These expenditures are also part of our consideration for the triple bottom line — environmental, social and governance principles (ESG) that inform our business decisions. Our capital expenditures often help minimize our carbon footprint. We make investments that reduce our energy consumption and help lower greenhouse gas emissions. So, when we replace a roof, we install new insulation to keep the interior temperature more even. When we replace mechanical, we invest in high-efficiency equipment that uses less energy. We install LED bulbs in our common areas, so we use less electricity.

Our ESG initiatives have also led us to replace aging furnaces with high-efficiency models in over 300 townhomes in Edmonton, Wetaskiwin, and Camrose. The new furnaces reduce energy consumption and provide residents with more even heat throughout their homes. The project — a $2 million investment — has been such a success we plan to continue it in properties in other cities. Additionally, we have a service agreement with a provider who guarantees an on-site response within 24 hours of service calls to improve the residence experience in cities that have some of the coldest climates in Canada.

Our Capital Improvements team keeps an eye out for programs and grants that can help offset the costs of this investment, bringing even more value to our investors and residents. We’re in the process of applying for the Alberta Energy Savings for Business grant to replace the windows on a building in Brooks, AB with triple-pane units, which improve thermal efficiency.

These investments are not the kinds of fixtures and fittings that show up in design magazines, but they’re the ones that make living in an Avenue Living building comfortable. And in the end, they benefit us all.

---

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.alamstg.wpenginepowered.com for additional information regarding forward-looking statements and certain risks associated with them.

The financial industry is often dominated by men. It’s something we’re keenly aware of as we strive to keep our executive — and our organization as a whole — inclusive and diverse. We have been able to create something really special at Avenue Living, by bringing together a diverse group of women within all levels are our organization. We are proud to say that 40 per cent of our C-suite is female. Varying backgrounds and viewpoints breed innovation and drive better business.

This year, on International Women’s Day, we’re thrilled to celebrate the women whose intellect, ingenuity and insight help move us forward every day. They work in every area of the organization, from operations to accounting, and bring with them a diverse set of experiences and skills that make every one of our teams stronger and smarter.

Shelley Allchurch
General Counsel, Avenue Living

Shelley Allchurch has been with Avenue Living since the very beginning, when she acted as legal counsel for our founders.

She was our sole legal expert for several years, and as we’ve grown, she has built a team that matches our operational needs. Today, as General Counsel, she heads a group of 16 top-tier legal professionals, including specialists in real estate law, tenant disputes, risk management, and securities law.

“It’s been a phenomenal experience,” says Shelley. “Interesting, challenging, motivating and validating. I’ve had so much exposure to aspects of law and business that I would never have had in private practice.”

Shelley’s team manages almost all of Avenue Living’s legal requirements and continues to evolve as we do. Along the way, it has become more than a legal department — her group operates as partners, helping facilitate the goals of each of our business units. Their presence is key to our vertically integrated platform, helping accelerate time-to-market for new business ventures, who rely heavily on their expertise.

“I’m so proud of the team we’ve built,” says Shelley. “They’re truly dedicated to Avenue Living and so hard-working. We’ve all been challenged to expand our thinking — to view things with a legal lens but also with insight into what the business needs.”

Andrea Bherer
Chief People Officer, Avenue Living

Andrea Bherer, Chief People Officer, joined Avenue Living in February 2020. Andrea’s approach to People and Culture has helped us navigate through the past roller-coaster of a year, and her philosophy around creating an inclusive experience for all Avenue Living employees will help guide us as we continue to grow.

Throughout her 20-year career, Andrea has focused on progressive HR practices and helped other large organizations create HR systems and processes that align teams with corporate goals through periods of extensive growth. “We like to talk about how we’re going to ‘elevate’ what we’re doing — elevate our processes, our support, and our employees experience” says Andrea. “It’s absolutely critical that People and Culture understands the business. Not just the people side, but how the organization operates, the risks, the targets and the revenue, so we can work as a true business partner.”

Over the next year, she and her team will continue to work with all areas of the organization to support the anticipated growth while providing a consistent experience for every Avenue Living staffer, in both Canada and the United States.

Our employees are the backbone of the company. Andrea knows it’s vital to understand people. “I make a point of meeting employees whenever I can,” she says. “Knowing where they fit, understanding them — which includes their successes and roadblocks,”. This connection to the employees helps us to create an environment where all employees feel valued and supported.  “I am proud to be part of an organization that empowers me to look after our most valued resource, our employees.”

Louise Elsey
Chief Operating Officer, Avenue Living Communities

“No two days are the same, and that’s what makes Avenue Living an exciting place to work,” says Louise Elsey, Chief Operating Officer at Avenue Living Communities. “I’m surrounded by a team that always challenges the status quo. As a leader, I must create an environment where ideas can be shared, and our team has the resources to adapt.”

Louise assumed her role as COO in March 2020, the week after the world descended into the first lockdown.

“It was an interesting time to take on my role. Safeguarding our operations and preserving the customer experience — which includes residents, investors and employees — became crucial.” says Louise. “Thankfully, sound business practices and the strength of our team allowed us to quickly and efficiently adapt to the changing landscape.”

Louise brought with her extensive experience in the real estate industry in both Canada and England. Even without the challenge of COVID-19, she finds herself embracing Avenue Living’s ongoing push to do better.

“Our technology, communication and dedicated employees allowed us to face challenges head on, protecting our investors. We have been able to not only maintain our operations but grow. If this is what we can achieve in a pandemic, I can’t wait to see the path ahead of us unfold.”

Barya Kabalan
Vice President, People and Culture, Avenue Living

“My overall HR philosophy is centered around creating a culture of inclusiveness and belonging, where everyone feels comfortable and welcome,” says Barya Kabalan, Vice President, People and Culture. She works to build connections with people at all levels of the organization, finding people-focused solutions and developing the teams to execute them.

“Ultimately, my goal is to be the HR ambassador to everyone at Avenue Living, helping to bring employees and teams together to leverage their strengths, so we can create positive change within our personal and professional lives.”

Barya brings with her to Avenue Living a collaborative, tactical approach and over 20 years of experience in human resources that includes employee relations, conflict management, compensation and benefits, and legal compliance. She embraces change and growth and has made it part of her mission to encourage everyone at the organization to do the same.

Barya also draws inspiration from her life outside work. “My kids inspire me every day! I’m raising two young girls that I want to grow up to be strong, confident, independent, kind, successful women someday,” she says. And she wants everyone at Avenue Living to feel as inspired by their lives outside work as they do at work. “Work-life balance is important and means something different for everyone. I spend time laughing and playing, but I also talk about work and why I love working. I’m slowly paving the way for my kids to be successful by having a healthy mindset about life and work.”

Aleena Lalani
Marketing Strategy Director, Avenue Living

For Aleena Lalani, being a good leader is less about having all the answers and more about empowering her team to find the answers themselves. “Good leadership is kind of a paradox,” she says. “You have to be rigid, yet flexible. You have to ensure your team is accountable to and keeps an eye on tangible outcomes, such as KPIs and stakeholder objectives, but at the same time you have to be mindful of outside work pressures and use emotional intelligence to be empathetic to your team.”

Aleena joined Avenue Living as Marketing Strategy Director just over a year ago, bringing her background in strategic planning, her MBA education, and professional connections to help us realize our vision of creating a full-service in-house team of talented individuals who provide creative and strategic services.

“My experiences have really shaped who I am,” says Aleena, who has lived in several different countries before settling in Calgary. “The last few years have really been transformative, and I keep learning from my coworkers every day.”

The environment at Avenue Living is fast-paced, but Aleena finds inspiration in rising to challenges. “No two days are the same,” she says, “and it’s my duty to set the stage and allow our team to shine.” Aleena’s team manages strategy, branding and communications for all Avenue Living ventures, telling a range of brand stories to investors, residents, among other stakeholders.

With so many bases to cover, Aleena appreciates the open and collaborative environment that flourishes throughout her team. “Everyone on our team has a voice, and we expect them to use it. Diversity in thought and perspective is what makes us stronger as a team. It’s nice to be able to bounce ideas off each other. We encourage healthy debates, so that we can find stronger and more impactful solutions — together,” she says. “We all cover each other’s blind spots.”

Kelly Mahajan
Vice President of Operations, Avenue Living Communities

“My real passion is bringing people and teams together to do their best work,” says Kelly Mahajan, VP of Operations at Avenue Living Communities.

And right now, the “best job” is helping her team foster a sense of community in every Avenue Living property. “Our vision is to create an aspirational experience for our residents. It’s finding that ‘wow’ in everything we say and do that’s going to make living with us a memorable experience.”

Kelly’s 30-year career has focused on property management at every level, and in various senior leadership roles. And now, fostering a continuous service standard in Avenue Living’s low-density, multi-family properties, she oversees the strategy and execution of a multi-faceted resident experience plan. Her diverse expertise and passion for driving innovation have informed her approach to inspiring teams and cultivating an exceptional service experience.

Kelly feels that what people expect from a property owner and operator has not changed dramatically as a result of the COVID-19. “People want to know what we’re doing that’s different and yet particular to each resident’s needs,” says Kelly. “Now more than ever, human connection is so crucial. It’s important to feel that sense of community where you live, to know you’re respected and cared about.”

Emily Newman
Vice President, Business Development and Investor Relations, Asset Management

As the face of Avenue Living based in Toronto, Emily Newman has a unique challenge: getting investors excited about investing in the Prairies.

“When you say ‘Western Canada’, a lot of investors focus on the media headlines that highlight the obstacles facing the oil and gas sector,” says Emily, Vice President of Business Development. “So, I focus on education — not everything in the prairies is correlated to oil and gas prices. The opportunities in multi-residential, farmland and self-storage really highlight the significance of investing in ‘everyday,’ overlooked, hard assets.”

An Albertan born and raised, Emily moved east in 2017. Her career has included roles in oil and gas equity research and a position with Hazelview Investments serving and prospecting investment advisors and family offices. But professional networks manifest in funny ways, and Emily’s led her to join Calgary-based Avenue Living Asset Management from her new home in Toronto.

“I always tell people that 2020 was not our first rodeo — Avenue Living managed through the credit crisis of 2008 and the commodity crisis of 2015. The past year has been a time to showcase our strengths. If I have learned anything, it’s that Albertans are a resilient, entrepreneurial group.”

Bettina Oslanski
Vice President, U.S. Asset Management

Legwork is not always glamorous, but Bettina Oslanski, Vice President, U.S. Acquisitions, believes it’s vital in order to ensure success.

“I truly believe that prudent deal sourcing makes all the difference in finding opportunities to generate better returns,” says Bettina from Houston, who has been instrumental in establishing the Avenue Living U.S. Real Estate Fund. “It took time to build a network of professionals and create relationships that will help us meet our goals and source deals with great potential. A lot of time and consideration went into determining which markets we want to enter.”

Bettina, who holds a Bachelor of Commerce degree with a focus on finance, has been part of the Avenue Living team since 2019, stationed in Houston. Her current role brings together a decade of real estate experience with her education and her deep understanding of the Avenue Living philosophy. “I’m excited to be part of translating Avenue Living’s strategy into the U.S. market,” she says.

She facilitates required due diligence visits and ensures we can execute our asset level strategy by working closely with our third-party property management partners and the Avenue Living team. Working with these third-party property management firms across the U.S. removes some of the risk of investing in new markets.

“We’ve chosen the best in class within the markets we plan to operate in, and they bring local insight, expertise, and connections to every deal. Having a member of the Avenue Living team visit these markets, too, is a vital part of our due diligence in order to ensure alignment,” adds Bettina.

“We’re nimble and structured in a way that allows us to successfully navigate the faceted and complex market the COVID-19 pandemic has created,” says Bettina. “I’m optimistic about the current environment and the opportunity that lies within.”

Marina Post
Chief Accounting Officer, Avenue Living

“Data on its own does not have substantial value,” says Marina Post, CA, Chief Accounting Officer at Avenue Living. “Breaking down, analyzing, and interpreting data is required to make it valuable.”

Data and extracting value from it have become the linchpin of Avenue Living’s investment strategy, but it goes beyond that; it informs the way every area of the company operates. Marina’s team does more than collect and collate numbers — they help transform those numbers into meaningful information. “We’ve transformed from a traditional supplier of historical financial results to a strategically-aligned business partner that looks to the future.”

Marina joined Avenue Living in 2018, after roles as VP, Finance at FirstEnergy Capital Corp. and Chief Finance Officer at Ross Smith Asset Management. Throughout her career, she has realized she thrives in environments with an entrepreneurial spirit.

“We have matured through the efforts of every Avenue employee, all in the face of unprecedented growth in size and scale of assets and offerings,” she says. She finds it exciting to see cross-functional teams drive initiatives that help Avenue Living meet the needs of our varied stakeholders. “Every day brings innovation, improvements, and greater sophistication to how we go to work.”

---

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.alamstg.wpenginepowered.com for additional information regarding forward-looking statements and certain risks associated with them.