Healthy and vibrant community space and “age-friendly” buildings are a necessity for supporting older Canadians as that segment of the population continues to grow. Age-friendly properties are aimed specifically at the age 55+ demographic, and they are designed to promote independent living through a home that supports physical and social wellbeing. In Lethbridge, through our capital expenditure and repositioning of the Westwinds complex, Avenue Living has refurbished and refreshed a building to create a safe, bright, and welcoming community for age-friendly living.

Graeme Mitchell, Regional Vice President, highlights that Avenue Living doesn’t just buy buildings, we improve, reposition, and repurpose buildings in the market — taking health, transportation, community, safety, connections, finances, amenities, and supports into account.

“The concept is to make safe, affordable living spaces that are light and bright. It is a friendly environment from the moment you walk up to the building,” Graeme said. “It’s somewhere you would want to live if you’re an older resident. What we find with a lot of these residents is usually it’s their children who are helping them find a new home. So, if you want to put your parents in these suites, you can do so with the knowledge of their comfort and happiness, and knowing it is where you would want to bring your grandchildren to visit.”

Avenue Living’s platform gives us access to a range of experts, including those who helped us make the right improvements to ensure we serve this demographic well. We have increased accessibility within each unit via raised toilets, grab-bars in bathrooms and showers, and an oven shut-off in the case of a fire. The four-story building also has two elevators, helping to ensure accessibility for those with mobility challenges.

“There’s a mixture of suites available that have our new laminate flooring, and we are also keeping some with carpet because in an age-friendly community or complex, some people have wheelchairs or walkers and find laminate flooring slippery,” said Graeme. “We want to make sure we have a variety of options for potential residents to choose from.”

“We’ve been working on this strategy for the last few months. We were lucky to get a few of the suites renovated with these features before the residents moved in,” Graeme said, mentioning that if a resident moves out, Avenue Living renovates the space into an age-friendly unit. There has also been focus on the exterior of the building. “We have painted the exterior and balconies Avenue Living Communities green and added more exterior lighting to the front and back of the building. If you drive by Westwinds, it is the lit-up building on the street now and it really stands out,” says Graeme.

The property also had a large carport in the back of the building, which has since been removed to open the area up, making it more inviting for residents. Additionally, new grass is being added, as well as ornamental trees. For a fun and interactive way to bring people together, we will be changing the name of the building, and are involving the current residents in that process.

“We’re going to be engaging with residents and asking them for their input and having a contest to rename the building,” Graeme said.

This project, like others, shows Avenue Living’s commitment to affordable, safe, and comfortable living spaces. People never feel like they’re alone in Avenue Living complexes. There is a lot that goes into deciding how to accommodate all the aspects of age-friendly living, from research to coordinating teams. Graeme said David Porter, Senior Vice President for Southern Alberta, was the big driver behind the reposition. “He was in my position as RVP before he was promoted to SVP and I took over his region. He’s overseen the project and given me leadership I needed to push this to the next level. It has been a full team effort.”

Westwinds and its repositioning is also acting as a template for Avenue Living to follow for implementation in other communities. “Our vision of this project is to convert buildings in other markets into age-friendly communities,” Graeme said.

“We saw this renovation as an opportunity to help the community of downtown Lethbridge by repositioning and investing in this asset. Not only is it going to help the building and Avenue Living, it’s really going to help the whole block. The building is close to all major amenities, pharmacies, shopping centres, grocery stores, and transit. Its location makes it ideal for the demographic we are looking to serve here.”

This project has not only a tremendous investment for Lethbridge, but a good opportunity for us to test transitioning select properties into age-friendly communities, using Westwinds as a model.

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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.

Anyone who has managed a property knows there are a lot of moving parts. Managing multiple properties across diverse geographical locations can increase those complexities manifold. Throw in a global pandemic and things become even more complicated. Suddenly public health orders limit site visits, viewings, and document signings. And technology becomes a vital tool for keeping residents and employees safe and cared for. 

Avenue Living has used Yardi and other property management technologies since before the pandemic, as part of our commitment to running a paperless organization, improving efficiency, and customer service. So, we were prepared to adapt to new public health measures when they came into effect in March 2020. Our existing infrastructure made the transition to virtual viewings and digital lease signing easy, but we were also able to carry on our day-to-day operations smoothly because we had tools in place to manage them virtually.  

 

Building-Level Accuracy 

Avenue Living owns and operates properties across the Prairies, covering a broad geographical area. While we have teams in every market dedicated to in-person management, property management software gives us a big-picture view of all our buildings, but it also allows us a more granular view of each building.  

This view is especially valuable now, when public health measures have kept in-person visits to a minimum in order to ensure resident and employee safety. Clear communication is key when we’re trying to minimize how many people need to be on-site, and when. Yardi allows us to create work orders for our teams in the field and attach photos to ensure the information we capture is accurate, both about the job and its resolution. 

 

Increased Efficiency 

For many management companies with large portfolios, like Avenue Living, technology allows us to keep a close eye on how we fulfill work orders, address resident concerns, and communicate between teams. Our properties are spread out across several provinces, and technology like Yardi ensures all our teams are operating with up-to-date information. 

We’ve also integrated our listing services with our website, which helps ensure our listings are always up to date. In the past, our leasing specialists would have had to handle these updates manually but automating them frees them up to focus on finding the right matches for prospective residents — a task that’s much easier when they know they’re dealing with up-to-date information. 

 

Informed Decision Making 

“Property management is cyclical,” says Jeff Konechny, Avenue Living’s manager of enterprise applications. “Which means we can collect past data and use it to anticipate future results.” When we can analyze monthly and quarterly patterns, we can see how to improve our processes — for example, how we complete work orders or suite turns, or how our rental rate fits into the market. “We can also use the data we collect to look at the issues residents have raised with us and make informed decisions about what needs to be replaced or repaired, for instance,” says Jeff.  

 

Better Customer Service 

We operate from what we call a “single source of truth.” The information our call centre takes in reaches our Regional Vice Presidents and Regional Portfolio Managers, who make sure the right people are aware of and addressing the resident concern. The team in the field can generate work orders, upload photos, and add their notes to that same file. In the past, these might have been on paper or sent via email — there may have been documents stored in disparate locations. Now, everything is in one central, easy-to-access place. “Anyone can look at a file and see a lease addendum or a parking agreement or a concern when they need to, without relying on someone in an office to find, scan, and send it to them,” says Jeff. 

 

Future Possibilities 

We’re always working on ways to make our resident experience better. Our future vision involves technology, as we examine ways to create an experience that gives our residents the ability to do more online. “We really want to make Avenue Living the type of property manager that’s easier to connect with than any other property manager,” says Jeff.  

While we’re still developing these solutions, we’re using the suite of tools we have now to make that experience as seamless as possible, from the moment they contact us for the first time onward.  

 

 

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. 

It’s no secret that securing homeownership is becoming more and more difficult in Canada. With increasing costs, rising interest rates, tightening mortgage rules, record levels of debt and plateaued incomes, the barriers — for many — seem unsurpassable.

According to the Canadian Mortgage and Housing Corporation (CMHC) (2018), “housing is considered affordable if it costs less than 30 per cent of a household’s before-tax income.” Based on this statistic, 17 per cent of Canadians own homes are just within their budget. And although homeownership in Canada is considered strong, one in every four Canadian households spends 30 per cent or more of their pre-tax income on mortgage payments (Statistics Canada, 2019).

40 per cent of the Canadian workforce is made up of essential workers, such as police officers, firemen, teachers, nurses and medical personnel, who fulfill our basic needs and keep our communities safe. Some are well compensated, but despite being gainfully employed, the essential worker’s average wage, excluding healthcare workers, is almost 20 per cent lower than employees in other industries (McQuarrie 2020). According to Statistics Canada (2020a), many essential workers rent long-term as homeownership is simply not a financial reality.

Housing affordability impacts other demographics, too. For example, seniors and students both often struggle to find comfortable housing within their economic reach. Restaurant workers, delivery drivers, and even office workers earning a moderate income also struggle to find homes they can afford.

In a 2019 Globe and Mail interview, Chief Executive Officer of the CMHC Evan Siddall said, “We need to stop taxing density and call out the glorification of home ownership for the regressive canard that it is. Overpromotion of home ownership is counterproductive, increasing the division between rich and poor.” Housing experts are calling for creative solutions to increase density to make current land usage more effective, by turning residential single-family dwellings into ‘plexes,’ townhouses and low- to mid-rise buildings, accepting that long-term rentals are part of the solution.

This demand for affordable, attainable dwellings and walkable communities continues to grow, but city zoning regulations and market regularities promote urban sprawl, making this more and more difficult to meet without intervention. As the demand for this housing category increases, prices rise and communities begin to experience gentrification, increasing the gap between classes and fuelling our nation-wide housing crisis. Without affordably priced dwellings, communities risk instability in children’s education, community populations and individual health as lower and moderate income families make difficult trade-offs to make ends meet (Enterprise, 2014).

These obstacles barring working Canadians from owning homes creates immediacy for housing affordability. Residents shouldn’t have to depend on their government to supply affordable options for them; they need access to safe, comfortable housing options at a rate appropriate for their income.

We recognize this rising need for quality rentals and aim to serve Canadians across the Prairies. Everyone deserves access to quality housing, whatever income bracket they may fall under. That’s why we invest in multi-family units and bring focus to providing housing affordability to the Canadian workforce, the backbone of our society.

We proudly provide housing to accommodate those who are gainfully employed but fall short of homeownership. These individuals often earn an insufficient income to live in close proximity to work, but want to live nearby. The buildings we invest in are class B and C apartments, typically low-rise, older inventory with affordable rent because they are purchased, upgraded, and then rented at a rate that is much more attainable than a new build.

Compared to other asset classes, class B and C housing presents several advantages, including locations, unit sizes, vacancy rates, rental prices and growth opportunities. Affordably priced dwellings benefit not only its residents, but the community as a whole.

Benefits of Affordably Priced Housing:

Creates a stable community. The growing need for housing that is affordable to the everyday Canadian means that this type of property will always be in demand. Upgraded, affordable rentals support a growing and stable population while encouraging economic investment from those residing in and giving back to the local community.

Builds the local workforce. Affordable multi-family dwellings in a neighbourhood means continual community growth and livelihood. With more essential workers, seniors, and students in the community, services and offerings grow and helps maintain the local economy.

Encourages economic stability. Essential workers tend to be dependable renters and have steady incomes. In times of economic downturn, essential workers often experience income increases as they are needed more than ever, thriving financially while they keep us afloat.

Increases disposable income. Paying less for rent means residents will have the choice of how to spend their money. With lower debt levels and more disposable income, residents can put more money back into their local community, thus fuelling the economy.

Allows for walkability. By increasing density in neighbourhoods, we provide ‘neighbourhood living’ over ‘city living,’ allowing residents to easily explore their community on foot. This actively supports small businesses, promotes physical exercise and encourages individuals to get involved in their neighbourhood.

Lowers our carbon footprint. By providing housing near places of employment, we help to lower our residents’ carbon footprint by shortening commutes, giving time and convenience back to these individuals. In addition, we seek out existing buildings and reposition them through strategic capital improvements, a carbon-friendly alternative to building new.

Revitalizes our communities. In addition to lowering our carbon footprint, investing in vintage properties and repositioning them benefits the community, making it a more attractive home for future residents while maintaining an affordable rate.

The bottom line is simple:

For many people, there’s a trade-off between convenience and affordability.  But it doesn’t have to be that way. Properties that charge affordable rent benefit individuals and the community at large by increasing neighbourhood quality and stability, providing economic security and allowing Canadians to live in safe and comfortable homes.

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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.

From our very first deal, Avenue Living Asset Management has relied on our legal professionals to help make sure things go smoothly. In fact, Shelley Allchurch was one of our very first full-time team members, joining us as general counsel in 2010.

“We’ve been so lucky to have Shelley on our team right from the beginning,” says Avenue Living Founder and CEO, Anthony Giuffre. “She’s built an incredible team over the years. It has really evolved as Avenue Living has grown and she and her team have become an essential part of our platform.”

Today, our legal team includes 17 professionals — lawyers who are experts in real-estate law, securities law, corporate law, and risk management, as well as paralegals, in addition to an insurance risk expert and a contract management specialist.

“We’ve really expanded and adapted to meet the demands of the business,” says Shelley. As Avenue Living has evolved, we’ve called on the legal team to handle everything from typical tenancy issues and employment contracts, all the way to complex legal matters, such as multi-jurisdictional real estate acquisitions, M&A transactions, restructurings, fund formation and the negotiation and drafting of sophisticated commercial agreements. The legal team ensures the decisions we make and the actions we take are in line with local regulations and mitigate risk for our many stakeholders, including investors, residents, employees, and the communities in which we operate.

“Legal teams can often be seen as the naysayers,” says Shelley. “But that’s not our role. We’re here to support and facilitate Avenue Living in reaching our business goals. We do this by looking at the business through a legal lens and bringing a unique perspective to decision-making.”

While Avenue Living started out in 2006 as an owner/operator of multi-family residential properties, we’ve since grown to include a thriving group of companies that invests in the everyday, from self-storage to technology. These companies all have their own unique needs, and our legal team does a great job at managing most of these needs in-house.

The members of the legal team are partners in the organization. Legal touches every aspect of Avenue Living’s business. Their specialized knowledge and expertise serve us in so many ways — in large ways, such as mergers and acquisitions, and in smaller, everyday ways, like vetting our communications (including this blog post). They help us ensure we adhere to our organizational pillars, which guide our decisions every day.

“It’s vital that we understand the business strategy and objectives,” says Trevor Korsrud, Associate General Counsel to the organization, “so we can align with business units throughout Avenue Living and provide them with the guidance they need.”

Being part of an in-house team has meant stretching the legal team’s knowledge and abilities in ways not possible in private practice. The Avenue Living team touches many different aspects of law in their day-to-day duties, whether they’re providing counsel themselves or consulting and working with specialized experts outside the organization.

And like so many groups within this organization, our legal team regularly learns from each other, sharing insights and experiences as we take on new challenges, together.

“I’m so proud of the team we’ve built,” says Shelley. “It’s challenging, motivating, and validating work.”

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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.

From the top down, the team at Avenue Living is a group of continuous learners. We learn from each other and from industry leaders, but a lot of us also like to explore other aspects of human nature, including psychology, emotional intelligence, and what it means to be a good leader. Below, you’ll find some of our favourites — and maybe some new favourites of your own.

Dr. Angela Duckworth – Duckworth is a psychology professor at the University of Pennsylvania, science author, and the CEO and founder of the Character Lab, a non-profit that advances scientific insights that help children thrive. Duckworth studies the meaning of passion and persistence, or “grit,” a concept that resonates deeply with our CEO, Anthony Giuffre.

Book: Grit: The Power of Passion and Perseverance

Twitter: @angeladuckw

TED Talks: Angela Duckworth

Simon Sinek – Sinek’s books inspire leaders around the world, and our own leaders at Avenue Living are no exception. He’s on the “must-read” list for many here, for his optimism, his insights, and his conviction that we can build a better world together.

Books: Start With Why, Leaders Eat Last, Better Together

Podcast: A Bit of Optimism

TED Talks: Simon Sinek

Twitter: @SimonSinek

Brene Brown – Brown’s books also appeared on several lists. Barya Kabalan, VP of People and Culture, Aleena Lalani, Director of Strategic and Creative Services, and CEO Anthony Giuffre all find inspiration in her words. “The concepts are universal and they can be applied very well to business,” says Anthony. “What you’re really trying to do is understand your behaviour first and then others around you.”

Book: Dare to Lead

Twitter: @BreneBrown

Ray Dalio – The founder of the world’s largest hedge fund, Bridgewater Associates, is hailed as a renowned financial innovator. During his career, he pioneered investment strategies such as risk parity and currency overlay. His bestselling book, Principles: Life and Work resonated with Aleena Lalani, who found inspiration in the notion of “finding your winning statement” and in operating with “radical transparency.”

Book: Principles: Life and Work

Twitter: @raydalio

Dr. Kevin Leman, Bill Pentak – LOGYX CEO James Jung found inspiration in the insights from these co-authors and their focus on effective leadership, including ways to “infuse work with meaning” and “engage and energize your workforce.”

Book: The Way of the Shepherd: 7 Ancient Secrets to Managing Productive People.

The Economist – Our CFO Andrew Searby enjoys digging into this popular publication for a broader perspective on the world of finance. “I like to get a weekly world view of real estate and other industries beyond North America,” he says.

Barack Obama – The former U.S. President’s name popped up on several lists for his insights into leadership and human nature, including his willingness to “not be the smartest person in the room.” Kelly Mahajan, VP of Operations for Avenue Living Communities, enjoys his insights into what makes people tick.

Books: A Promised Land, The Audacity of Hope

Twitter: @BarackObama

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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.

“Our relationship with our residents starts on day one,” says Bernard Streeper, Senior Vice President for Northern Alberta. “The second they look up a suite or call us for more information, that’s the start.”

That relationship is at the centre of everything the Avenue Living Communities teams do, from the leadership team to the maintenance specialists. Led by three regional Senior Vice Presidents (SVPs), the teams manage approximately 10,000 doors in communities across Alberta, Saskatchewan, and Manitoba. Dividing the workload by regions allows leadership to have deeper knowledge of their markets and a more direct relationship with their teams and residents than would be possible with more centralized oversight.

Live and In-Person

On-site visits are key to developing that deeper knowledge and connection. The SVPs all make sure they can visit individual markets and buildings to see, in person, the successes and challenges their teams face. The challenges that arise in Saskatoon, for example, are not the same as those in Edmonton; and the challenges in Brooks may be different yet again.

“Being on-site is a great way to get to know residents. I guarantee you that if one resident shares their views with you, they’re not the only one who has those views,” says David Porter, SVP for Southern Alberta. The leaders also find it’s a great way to stay connected with and support their teams. “I like to say I’m really a facilitator,” says Bernard. “I really work for my team. I hear their challenges and help them get to the answer.”

The ability to visit in person also gives the SVPs a connection to networks in their broader communities, and the ability to establish relationships with vendors and trades they might not be able to from a distance. “We’re able to be more resourceful,” says Bernard. “I guarantee you there are things I hear about through my network that I wouldn’t hear about otherwise.”

“Whenever I visit a building, I look at it through the eyes of a resident,” says Graham Edge, SVP for Saskatchewan and Manitoba. “I look at the curb appeal. What would I think if I were coming home to this building? Is it safe and secure? Would I want my daughter living here?”

The residents’ first impressions are top of mind when SVPs inspect a newly renovated suite or common area, too, but the experience goes beyond that. “The property management business is not really about property,” says Bernard. “It’s about people.”

Working Together

Senior vice presidents work closely with each other — they meet with our Chief Operations Officer, Louise Elsey, every day, where they discuss their challenges and successes and share insights they’ve gleaned from their own unique experiences. “I have never met a better team or a more collaborative team than this one,” says Graham. “I’ve never seen a team that shares information the way that this team does. It’s amazing.”

“We all pull the rope from the same side,” says Bernard, of the collective effort it takes to ensure Avenue Living residents have the best experience possible. “We share the same goals and we’re driven by the same values,” agrees David.

That collaboration extends from the leadership through the entire team. Regional Vice Presidents also connect regularly to share information and ideas, and then teams in individual markets collaborate the same way. Keeping the lines of communication open encourages continual improvement, and the team structure sets clear expectations for accountability and keeps everyone dedicated to the same goals and values.

Those values, which put our duty of care to our residents and employees at the centre of everything we do, means the entire team is dedicated to a shared goal. And beyond those teams, the entire company works to support them. “We have great relationships with every functional group in the company,” says David. “There’s not a single person here who doesn’t recognize the importance of our residents.”

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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.