Learn more about how Avenue Living Asset Management has secured Canada Infrastructure Bank (CIB) funding for $150 million in sustainable retrofit projects in lower-density residential buildings across Western Canada.
Calgary, AB, June 20, 2022 (GLOBE NEWSWIRE) — The Canada Infrastructure Bank (CIB) and Avenue Living Asset Management (Avenue Living) have entered into an agreement whereby the CIB and Avenue Living together will commit $150 million towards sustainable retrofit projects in low-density residential buildings across Western Canada.
Under the agreement, the CIB’s investment will represent 80 per cent of the overall capital value of the work. The timing of this investment coincides with Avenue Living’s corporate commitment to reduce greenhouse gas emissions while collectively addressing the prairie’s aging housing supply. The funds will improve the living conditions for thousands of Canadians.
Avenue Living’s multi-family residential business serves a significant segment of Canada’s lower- and middle-income workforce, known as the workforce housing rental segment. Specializing in Canada’s existing rental base, the company owns and operates more than 500 medium-density buildings, consisting of over 14,400 apartments and townhomes, in 20+ regions across Canada’s prairie provinces and the United States.
The goals of the sustainable retrofit projects include optimizing building performance, decreasing GHG emissions by more than 49 per cent, and enhancing functionality and comfort for occupants.
Projects will be delivered simultaneously and focus on renewable energy generation on-site, low carbon heating and cooling, sensors and smart thermostats, optimized air filtration, water and vapour management, and energy consumption strategies to effectively reduce in-suite utility costs for lower-income renters.
The CIB’s investment is aligned with Avenue Living’s demonstrated focus on responsible fiscal management, strong risk mitigation, and ingenuity through engineering, construction, and unique retrofit solutions.
The investment is expected to reach financial close in late 2022 with projects commencing shortly thereafter.
Endorsements:
“The CIB is an impact investor helping to develop the next generation of infrastructure which benefits Canadians. We are pleased to commit $120 million to Avenue Living and finance the modernization of aging assets. Our financing solutions assist residential real estate owners in the implementation of new retrofit projects to reduce energy use and GHG emissions.”
Ehren Cory, CEO, Canada Infrastructure Bank
“With over 90 per cent of Canada’s rental universe built before 2000, Avenue Living is excited to be a pioneer in retrofitting these older units. We are eager to set a new standard and enhance green infrastructure programs for the entire industry – for years to come. The work that we are doing with CIB represents nearly 50 per cent of Avenue Living’s overall portfolio. By 2027, we
have the vision of completing 100 per cent of our growing Canadian portfolio, continuing to positively impact the communities we serve.”
Anthony Giuffre, CEO, Avenue Living Group
Quick Facts:
To date, the CIB has committed $800 million toward energy retrofits.
The CIB’s Commercial Building Retrofit Initiative targets building retrofit projects with a minimum of 30 per cent greenhouse gas (GHG) emission reduction at the building level.
The CIB seeks to invest up to $5 billion into green infrastructure which supports climate change action and sustainable economic growth.
All CIB investments are subject to approval by its Board of Directors.
About Avenue Living Asset Management
Founded on the principle of investing in the everyday, Avenue Living focuses on opportunities that are often overlooked by others, having grown to over $3.7 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 14,400 multi-family units located in Canada and the United States, Avenue Living and its related entities own over 496,500 square feet of commercial space, 82,827 acres of productive farmland, and more than 3 million square feet of self-storage space.
Learn More:
Avenue Living Asset Management
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.
Calgary, AB, June 16, 2022 (GLOBE NEWSWIRE) – Avenue Living Communities Ltd. (“ALC”) an owner-operator of over 14,000 apartments and townhomes across Alberta, Saskatchewan, and Manitoba, today announced a partnership with Zenbase, a leader in flexible split rent payments. This service, which allows residents to pay their rent on a schedule that better suits their income cycle, can offer some relief at a time when inflation is pushing household budgets to their limits.
“We’re always looking for ways to address what’s most important to our residents,” says Anthony Giuffre, Founder and CEO of Avenue Living Group. “We know how important the social aspect of our Environmental, Social, and Corporate Governance commitments are, and we’re continuing to support our residents with compassionate options to help address their day-to-day challenges.”
Koray Can Oztekin, CEO and Founder of Zenbase agrees. “Our company partners with like-minded property management organizations who want to improve the financial health of their residents while at the same time increase on-time rent collections and eliminate operational overhead. ALC has fully leveraged the benefit of our solution, delivering financial relief and flexibility to thousands of Canadian renters.”
As inflation and interest rates both rise, Canadians are being challenged with various costs, such as food, gas, and rent. Amidst these struggles, Canadians are actively seeking financial flexibility from different service providers. Single-payment plans, locked-in schedules, and late fees continue to be a significant stressor for many renters. Zenbase offers an automated solution that aims to put an end to the key challenges around rent payment. The company’s core financial product enables flexible rent payments, allowing residents to split their monthly rent into smaller installments within a month.
Zenbase has benefits for property owners, as well, helping ensure guaranteed rent payments and reducing the time spent on rent collection. This partnership with ALC, the fastest-growing multi-family housing owner-operator in Western Canada, has the potential to reduce late rent payments by over 27 per cent while driving a positive resident experience and supporting them during difficult times.
“Zenbase is a fantastic technology solution that allows us to be more efficient on the back-end while at the same time, empowering our residents to be in control of their financial situation,” says Giuffre. “Zenbase has become an integral part of our operations and the platform delivers on our commitment to create a superior customer experience for our residents — one that provides flexible options and peace of mind.”
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 $3.7 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, property management, and asset management to support Avenue Living’s growing portfolio. In addition to over 14,400 multi-family units located in Canada and the United States, Avenue Living and its related entities own over 496,500 square feet of commercial space, 82,827 acres of productive farmland, and more than three (3) million square feet of self-storage space. Learn more: alamstg.wpenginepowered.com/
About Zenbase
Zenbase, a leader in flexible rent payments, is committed to economic inclusion that fosters financial empowerment for renters. Zenbase’s solutions improve the financial wellness of renters while improving operational efficiency for property managers. Rent is usually due on the first of the month but that doesn’t align with most people’s bi-monthly pay cycle. Zenbase addresses that misalignment and provides other financial tools to help level the playing field. Learn more: https://myzenbase.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.
As our governments work to implement solutions to a complicated issue, Avenue Living looks at how we can play our part in addressing the problem by repurposing existing assets — allowing us to provide comfortable and affordably priced housing to Canadians, now
Since Avenue Living’s inception, inclusion and diversity have been values that drive our organization. Strong, talented women help fuel our continued growth, and we are proud to say that more than 40 per cent of our C-suite is female (which we proudly featured last year). We believe different viewpoints, perspectives, and levels of experience help us achieve our goals and make our company better. This year’s International Women’s Day aims to #BreakTheBias — which encourages us to envision a world free of bias, discrimination, and stereotypes, and to create one that is both diverse and inclusive. This year, we want to take the opportunity to highlight and celebrate even more talented women at Avenue Living who are taking us to new heights. We asked them to share the professional experiences and insights that guide them.
Showcasing a few of the women on our team
Faye Garlitos, Regional Vice President, has been with the Avenue Living team for three years. Throughout that time, she has gained a deep understanding of our customer journey.
Kathleen Cowick, Senior Counsel and Director of Legal Operations, brings more than 20 years of legal experience in a range of industries to Avenue Living’s various business segments.
Marina Post, Chief Accounting Officer, joined Avenue Living in 2018, with many years’ experience working in accounting, finance, and leadership roles for national organizations.
Tammy Cho, SVP, Marketing, joined the team early in 2022 with 15 years’ experience in leading corporate marketing and communications strategies for technology companies in energy, manufacturing, life sciences, aerospace and defense, and wholesale distribution.
Vanessa Prosser, Director, Supply Chain and Procurement, has worked in supply chain management since her teenage years, broadening her experience across all facets of the industry.
Wendy Ell, Director, Public and Government Relations, joined the team in 2021 and brought with her three decades of experience in energy, finance, real estate, and technology.
What inspires you professionally and personally?
Marina Post is inspired by “being surrounded by ambitious, driven, enthusiastic, and engaged individuals; the opportunity for growth and development; making a positive impact with my team and organization, as well as my family.”
Personally, and professionally, Vanessa Prosser is inspired by new challenges, growth, and life-long learning. “I love problem-solving, finding solutions, building things, and developing new skills, and I try to seize any opportunity to do so.”
Team success inspires Kathleen Cowick. “As a lawyer, your work is usually behind the scenes, so you take your inspiration from the success of your clients and their business. Personally, and professionally, I strive for new experiences that keep things fresh.”
“My parents have inspired me since I was little,” says Tammy Cho. “They immigrated to Canada in the early 1980s with a positive outlook, limited financial means, and minimal understanding of the English language. They persevered through difficult times to ensure a better life for our family.”
How did you get into your current line of work?
“Through another woman, I highly look up to,” says Faye Garlitos. “Had she not given me a chance and opening to venture into the property management business, I highly doubt I would ever be part of this industry.”
“I knew in grade school if I ever wanted to succeed in life, I would have to put myself out there — in jobs that had me working on the front lines, monitoring and tracking the ever-evolving wants, needs, perceptions, and actions of different groups of people,” says Wendy Ell.
“I was a lawyer for many years at a large firm before joining Avenue Living, focusing on operations,” says Kathleen Cowick. “I followed the highest needs within our group and focused on the things I thought would provide the most value to the organization.”
“I’ve had a passion for communications and marketing since I was in university because it’s an ever-evolving and changing discipline,” says Tammy Cho. “I enjoy understanding customer pain points, working across various teams to bring solutions to life, and using tools to persuade buyers as to why our offering is the best option available.”
What challenges have you experienced as a woman in the workplace?
“I’m fortunate to say that being a woman in the workplace has not in any way impeded my career development,” says Marina Post. “I would attribute that to being part of the right teams with the right culture, with leaders who value input from all individuals, regardless of gender, race, religion, etc.”
Vanessa Prosser has worked in male-dominated industries — and male-dominated departments — for years. “In general, the men I have worked with have been phenomenal and we have been able to build strong, supportive teams together,” she says, “but there have certainly been times where people have made assumptions about my role, authority, knowledge, and qualifications that they didn’t make regarding my male colleagues.”
“There is sometimes an assumption that as a young woman, you are not the expert in the room,” says Kathleen Cowick of her own career experiences.
“Having worked three decades in energy, finance, real estate, and technology, I firmly believe I’ve had to work at least twice as hard to make myself heard,” says Wendy Ell.
How have you overcome the challenges you’ve experienced?
Marina Post says she has “been fortunate enough to be in workplaces where there are largely opportunities rather than challenges when it comes to women in leadership positions. I have also seen massive shifts in the overall atmosphere around the removal of the proverbial glass ceiling. I think employers and leaders are much more focused on an individual’s contributions rather than their gender.”
“I work hard and try to make sure my performance is beyond reproach,” says Vanessa Prosser. “I research and educate myself on the industries I work in to build a strong background and knowledge base. I also actively try to build great relationships with colleagues at all levels so we can all support each other in our growth and professional goals.”
“I’ve been lucky to have some strong female role models, even in what is still a male-dominated industry and a city where the majority of business leaders are still male,” says Kathleen Cowick. “Having the confidence to understand that you’re at the table for a reason and that there is value in your opinion is important.”
“In my 20’s, 30’s, and 40’s I had the great honour of having some outstanding mentors – successful individuals each with national/international acclaim,” says Wendy Ell. “With their guidance, I learned to observe the non-verbal, listen intently, and trust in my well-earned knowledge.”
What’s the best advice you’ve received?
“Be curious and ask questions. Don’t be afraid to make mistakes. Be a lifelong learner,” says Marina Post.
“Keep moving forward,” says Faye Garlitos.
Vanessa Prosser looks to the words of one of her university professors: Dare to know. “That’s how I try to live my life, and it’s been great advice so far.”
“To trust my own knowledge,” says Wendy Ell. “It’s less about trusting ‘the gut,’ but more about knowing that as I put in the hard work to listen, monitor, track and relate, then I am generally not only on par with others, but in most cases, one or two steps ahead.”
Kathleen Cowick was advised early in her career to always find multiple paths to a goal. “There may be challenges or obstacles in your path, be it in life or in respect of a client’s objective, and if you have more than one way to get to your destination, you are more likely to be successful.”
Tammy Cho’s mentors have given her advice that she uses in her decision making, “Don’t live life with regrets and walk towards, not away from. At the end of the day, you’re accountable to yourself.”
What would you tell a younger version of yourself?
“When one door closes, another door opens,” says Marina Post. “So much of what happens in our lives can seem quite challenging or negative in the moment but can be, in retrospect, the opportunity for growth, improvement, and a path to something better.”
“Set reasonable expectations and exceed them rather than trying to be all things to all people. And invest early,” says Kathleen Cowick.
“Slow down and smell the flowers. You’re doing it right,” says Wendy Ell.
Tammy Cho has found it valuable to “trust your gut, take more risks, and know your worth.”
As we benefit from the insight of different women across Avenue Living, we continue to appreciate our diverse team and the manner in which our female leaders contribute to our ongoing success. We are always looking for dynamic people to join our team. Take a look at our career opportunities.
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.
Companies, both large and small, rely on the knowledge and expertise of their People and Culture (P&C) teams. Our People and Culture unit is a forward-thinking group that plays a progressive and diverse role within the company, continuing to focus on our most important asset, our people.
Andrea Bherer, Chief People Officer, leads the P&C team with the help of Joellen Short, Director, Talent Development and Atara Harrison, Director of Organizational Effectiveness. Avenue Living is lucky to have the opportunity to tap into their significant expertise within the functions of human resources and professional development.
Progressive in her approach, Andrea is working to create a welcoming and inclusive culture for Avenue Living, planning and carrying out new programming which enables our people to further grow and evolve. “Our P&C team works hard to understand the ever-evolving needs of our employees as they pivot to meet the rapid growth of the company and require added support in the development of their careers here at Avenue Living.”
Joellen’s focus looks at enhancing employee engagement and operational excellence. She has helped Avenue Living implement talent development programs and optimize organizational results by introducing and managing various technical applications that automate functions such as reporting, payroll, and benefits. “We are growing fast as a company and have therefore invested in more sophisticated technology. In only a short period of time, we’re already seeing outstanding returns from the new systems and processes,” she says.
Atara works to help employees perform at their best, from strategy to operations. She bridges Avenue Living’s corporate vision with key actions that help our people excel. She seeks to understand both sides of the business and translate the business needs into effective operational results. Organizational Effectiveness (OE) connects the workforce to learning. By way of example, one channel she uses to guide professional development is what we call our Avenue Living University. This set of programs delivers role-specific education, including vital training such as Occupational Health and Safety. Atara’s focus on operational excellence has her partnering with our various operations teams for process and documentation development and the roll out of new training. “Our occupational excellence work affords us the ability to support our people and keep them on the path of continuous development.”
Key Initiatives
Our P&C team is well-equipped to continue managing and building new orientation activities, diversity, inclusion and equity strategies, wholistic peer review programs, and additional growth and development programming.
“Andrea has put together this team and actioned many critical items to support our organization’s growth and to continue to meet the needs of the various business units. She came in with a game plan of growth and structure,” Atara says.
As a robust team who helps facilitate our accelerated growth, People and Culture is a trusted business partner and key part of the platform that is essential to the success of our business.
Collaboration is integral to People and Culture. They work closely with our leadership teams and various departments throughout the organization across our group of companies to ensure everyone has a safe and fulfilling employee experience.
Building on Technology
People and Culture uses technology and data to support all parts of our business. A big part of Joellen’s role has been the design, implementation, and maintenance of UKG Pro, an end-to-end HR and workforce management software program. UKG Pro serves as our Human Resources Information System (HRIS), awarding flexibility, organization, and security to seamlessly administer and support the employee lifecycle. This technology has been integral in helping us use employee information to identify trends and make important business decisions.
“Data helps us better grasp and analyze trends, realize programs, and generally keep a pulse on the evolution of our workforce,” says Joellen. Her team has partnered with Atara’s team — and others — to continuously improve automation, training metrics and statistics.
Building for the Future
“We are intentional with the development of our P&C programs. We care about our employees and their experience. As we continue to react to the current needs of the business, we commit to further growing and maturing as Avenue Living continues to expand into new regions, bringing on more staff and reaching more customers. It’s an exciting time at Avenue Living,” says Andrea.
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.
