Avenue Living Closes $138 Million in Multi-Family Real Estate Acquisitions

mutli-family building in Calgary

Following another recent company announcement, Avenue Living Group (‘Avenue Living’) is pleased to announce the acquisition of three multi-family rental residential properties in Calgary, Alberta. The acquisition, which includes 764 doors worth $138 million, brings the owner-operator’s share of Calgary’s multi-family rental unit market to greater than 4.5 per cent.

The portfolio was a desirable purchase for Avenue Living due to its affordable rental rates and strategic locations in nodes around the city. The properties are positioned near green space, schools, and numerous amenities. These acquisitions present significant value-add opportunities for Avenue Living, as the organization intends to undertake strategic capital improvement projects to enhance the properties.

“We have always seen promise in the Prairies,” says Anthony Giuffre, Founder and CEO of Avenue Living. “Over 40 per cent of our 750 employees are based in Calgary. This head office is also home to our vertically integrated platform, which supports our broader regions by drawing on efficiencies created by centralizing the disciplines of finance, legal, human resources, technology, marketing, and property management.”

Avenue Living now represents over 14,300 multi-family doors under management in 22 markets, across the North American Heartland. This Heartland region has been an important area of focus for the company and spans across the Canadian Prairies into key regions of the central United States. This acquisition, supported by a recent influx of investment capital, builds on other notable transactions in 2021, with 482 units acquired in Moose Jaw, Saskatchewan and Edmonton, Alberta.

Since 2006, Avenue Living has kept its focus on assets the company is highly experienced in – low-to-medium density multi-family housing. The company actively manages its assets and consistently invests in capital improvements, sustainable practices, and technologies to create an exceptional experience for its customers, while continuing to deliver value to investors. Its flagship investment offering, the Avenue Living Real Estate Core Trust, is the first true North American workforce housing provider delivering institutional-level servicing to this demographic.

“Delivering a best-in-class customer experience is vital to our success,” says Jason Jogia, Chief Investment Officer at Avenue Living. “With housing affordability being a dire need in today’s economy, we endeavour to elevate that experience and the overall value to our customers in each market. The workforce housing demographic, made up of essential workers, has proven to be stable and resilient. As such we will continue to grow our footprint across the North American Heartland.”

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 over $3.5 billion in aggregate assets under management across four private real estate investment mandates. The Avenue Living team includes over 750 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 over 14,300 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, 48,000 acres of productive farmland, and more than 2,700,000 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 may contain forward-looking statements. Readers should refer to the information contained on our website at www.alamstg.wpenginepowered.com for additional information regarding forward-looking statements and certain risks associated with them.

Avenue Living Asset Management Announces Successful Equity Raise and Milestone $3.55 Billion in Assets Under Management

Calgary-based Avenue Living Asset Management, announced today its Avenue Living Real Estate Core Trust has raised $103 million in equity since December 2021. Beginning with an original expansion target offering of $60 million, the allocation of this close to a series of accretive purchases, brings the Canadian alternative asset manager from $3.25 billion to over $3.5 billion in assets under management in only two months.

According to Jason Jogia, Chief Investment Officer at Avenue Living, “this strong investor interest demonstrates confidence in Avenue Living’s uniquely designed, vertically integrated investment platform.”

“We are very excited about the timing of this accretive capital raise, and what it does for the execution of our continued growth and diversification activities. It builds on a carefully defined consolidation strategy focused on multi-family, low-to-medium density workforce housing apartment assets across the North American Heartland,” says Jogia. “These funds continue to support and accelerate further acquisitions, many of which are already in action in key regions across Canada and the United States.”

The Core Trust focuses on multi-family assets and delivers institutional-level servicing to North America’s most essential workers. The fund provides investors with an opportunity to own real assets that are not correlated to the public markets and delivers a valuable hedge against inflation.

“Right now, investors are shying away from market volatility,” says Anthony Giuffre, Avenue Living’s Founder and Chief Executive Officer. “An offering like the Core Trust is an ideal way for them to invest in real estate without actively managing the assets themselves. We are thrilled about the response to this capital raise as it will help us actualize our growing pipeline of North American acquisitions, allow us to gain significant market share, and provide investors with geographic diversification at a time when housing affordability is in high demand.”

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 over $3.5 billion in aggregate assets under management across four private real estate investment mandates. The Avenue Living team includes over 750 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 over 14,000 multi-family units located in Canada and the United States, Avenue Living and its related entities own over 450,000 square feet of commercial space, 48,000 acres of productive farmland, and more than 2,700,000 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 communication 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.

2021: A Year of Growth for Avenue Living Asset Management

Avenue Living’s strategic approach and milestones from the past year continue to support our business expansion across North America. 

Avenue Living Asset Management reached a number of significant milestones in 2021. Despite the ongoing pandemic and challenges facing the world today, our robust investments in workforce housing, self-storage, and agricultural properties — on both sides of the border — grew our total assets under management to over $3.1 billion, more than doubling in value in under 1.5 years.

Throughout the year, Avenue Living focused strategically on two key areas of our business to drive greater customer satisfaction — our platform and our service model. “Like healthy soil, when you start with a solid foundation, anything you plant in it will grow,” says Anthony Giuffre, CEO of Avenue Living. “This is why we focus on investing in our people while optimizing and refining our end-to-end customer service model. For us, it was vital to have these two important elements in place before expanding our assets under management.”

“During the last two years we’ve had to navigate numerous waves of COVID-19 and changing public health restrictions — and through that process, we’ve constantly adapted,” says Anthony. “When housing 30,000 people and serving a diverse set of customers, it’s essential to understand their specific needs. To cater to these unique needs, we had to make our operations as fluid and functional as possible to ensure a high level of customer satisfaction. I would say our team did that exceptionally well in 2021.”

With the addition of more than 2,800 multi-family apartment units, 6,600 acres of farmland, and 1,750,000 square feet of storage units last year alone, Avenue Living continued to fortify our position as a leading multi-family owner/operator in Canada, along with a growing presence in the self-storage, agriculture, and U.S. multi-family spaces.

Avenue Living’s portfolio now includes over 13,000 multi-residential units, over 2 million square feet of self-storage property space and 48,000 acres of agricultural real estate — and we anticipate significant growth in 2022 with our Core Trust’s acquisition of our U.S. Real Estate Trust, moving us towards a more holistic North American investment focus with a large pipeline of potential assets.

“We’ve now created a more institutionalized and robust platform for our business,” says Anthony. “Our well-defined processes, technological advancement, and clear objectives differentiate us. In addition to having a laser-focused acquisition strategy for workforce housing assets, we have prioritized our overall customer experience, which is key to our continued success.”

Below are some of our most important milestones and achievements from last year, all of which set us up for a strong start to 2022.

The Avenue Living Team Passes 750 Employees Strong

Our team welcomed a record number of new colleagues last year; now totaling 750 employees within the company and across North America. These experts are the backbone of our platform and one of the main reasons we have been able to achieve such sustained growth.

Assets Under Management Grow to $3.1 Billion

Avenue Living reached a major benchmark earlier this year as the company surpassed more than $3.1 billion in assets under management. This is a significant achievement and shows incredible growth as the total amount of AUM doubled from $1.5 billion to $3.1 billion in less than 1.5 years.

Avenue Living Joins Principles for Responsible Investment

We were honoured and proud to announce that Avenue Living became a signatory of the Principles for Responsible Investment (PRI), the world’s leading proponent of responsible investment. The PRI framework encourages investors to use responsible investment to enhance returns and better manage risks and is supported by the United Nations. We are pleased to be among the 218 global organizations that became new signatories in 2021. The PRI now has 4,375 signatories, representing US$121 trillion of AUM. As PRI signatories, we ensure that as we grow, we do so responsibly.

MMSP Trust Establishes U.S. Footprint

Mini Mall Storage Properties Trust acquired its first storage property south of the border in December 2021. Located in Arkansas, this property is the beginning of an expansion into the American Heartland, where we will continue to move into attractive secondary markets under the leadership of our new President of U.S. Operations.

Avenue Living Creates First North American Workforce Housing Fund

Our U.S.-focused Trust, which was established in February 2020 and exclusively held multi-family properties in the United States, reached the $100 million AUM mark in 2021. The Trust’s success demonstrates the defensibility of our investment strategy and the value our U.S. expansion brought to the Avenue Living portfolio. On the strength of this growth, Avenue Living Core Trust acquired 100 per cent ownership of the U.S. Real Estate Trust, and its U.S. assets. This alignment created the first North American Workforce Housing Fund, offering further diversification to investors by operating across a broader geographic platform while continuing to specialize in what we do best.

Poised for Continued Growth in 2022

With a clear focus on Avenue Living’s pillars of success and key investment strategies, we have achieved many pivotal milestones in 2021. These foundational elements have become the framework for us to continue our expansion and growth into 2022.

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.

Avenue Living Combines Funds, Plans ‘Workforce Housing’ Growth

The Avenue Living Core Trust has recently closed on the acquisition of the Avenue Living U.S. Real Estate Trust. This transaction, along with the execution of further pipeline opportunities in Canada and the U.S., brings our Core Trust to 22 markets across North America, and a current total AUM of $2.4 billion representing 12,387 multi-family units across North America.

By creating what we view to be the first North American alternative real estate fund specializing in workforce housing, we have established a platform for efficient expansion of the Trust’s multi-family real estate consolidation across the North American Heartland.

https://renx.ca/avenue-living-combine-funds-plan-major-residential-growth/

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.

Avenue Living Makes a Series of Timely Year End Announcements

December 17, 2021

CALGARY, Alberta –Avenue Living Asset Management (the “Asset Manager”) and Avenue Living Real Estate Core Trust (the “Core Trust“) is pleased to announce that is has successfully closed on the acquisition of Avenue Living U.S. Real Estate Trust (the “U.S. Trust“). The transaction along with the execution of further pipeline opportunities in Canada and the U.S. brings an additional 1,158 multi-family units into the Core Trust expanding its total unit count to over 12,350 across 21 markets for a total AUM of C$2.4 billion – over a 10% increase since October 2021.

The transactions have been facilitated by the successful execution of its C$60 million Expansion Offering target which will enable an additional C$100 million in purchases in Q1 2022. Given the momentum and demand by investors of the Expansion Offering, the Asset Manager has officially decided to extend the offering by 60 days and increase the offering to C$85 million. The additional capital will facilitate additional identified acquisitions in Canada and the U.S. and will be executed in the first half of 2022.  Based on investor demand, additional close dates have been scheduled over the next 60 days in order to accommodate interested parties. Terms and conditions of the expansion offering remain the same.

The completion of this transaction marks the Core Trust’s first acquisition in the United States multi- family market. It is anticipated this transaction will greatly enhance access to capital for the combined entity’s U.S. operations and will provide an established platform for the efficient expansion of the Core Trust’s multi-family real estate consolidation strategy through the North American heartland – establishing what management views to be the first North American alternative real estate fund to specialize in “Workforce Housing”.

“The company has established a tax-efficient, cross-border corporate structure to hold and invest in U.S. real assets, providing our investors with the opportunity to participate passively in the consolidation of multi-family residential real estate in the United States,” says Anthony Giuffre, Avenue Living’s Founder and CEO. “We are proud to have seen the expansion offering filled so swiftly, showcasing strong support from the capital markets for our North American diversified workforce housing strategy.”

Additional Closing Dates: 

December 29th, 2021 / January 17th, 2022 / January 31st, 2022 / February 15th, 2022

About Avenue Living Asset Management:

Founded on the principles of Investing in the Everyday, the Avenue Living Group (“Avenue Living“) focuses on opportunities that are often overlooked by others, having grown to over C$3.1 billion in aggregate assets under management across four private real estate investment mandates. The Avenue Living team includes over 700 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 over 13,000 multi-family units located in Canada and the United States, Avenue Living and its related entities own over 450,000 square feet of commercial space, 48,000 acres of productive farmland, and more than 2,000,000 square feet of self-storage space.

For more information or to book an interview with an ALAM executive, please contact: 

Wendy Ell, Director Stakeholder Relations at Avenue Living Group via [email protected]

Learn more about this and other investing opportunities with Avenue Living Asset Management at www.alamstg.wpenginepowered.com.

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.