Avenue Living Real Estate Core Trust
Avenue Living Real Estate Core Trust (Core Trust) is a private real estate investment trust that provides exposure to multi-family residential rental properties across 20+ markets in North America through the Core Trust’s investments in Avenue Living (2014) LP. With assets in both Canada and the United States, Avenue Living has strategically positioned itself to be the premier North American owner-operator of residential assets that caters to a niche multi-family residential market called “workforce housing.”
Note: Returns net of fees, inclusive of reinvestment of distributions. Figures presented for the year ended December 31, 2023
Investment Strategy
Since the first purchase of 24 doors in Brooks, Alberta, Avenue Living has scaled rapidly by applying its investment strategy of acquiring assets below replacement cost and finding value in markets others overlook. Avenue Living seeks to acquire multi-family assets across Canada and the United States with attractive operating characteristics that may require some capital upgrades. There is an additional focus on long-term portfolio stability through active sales and leasing, responsive services, and strategic capital improvements.
Fund Returns
C$180,000
C$160,000
C$140,000
C$120,000
C$100,000
2017
2018
2019
2020
2021
2022
2023
CALENDAR RETURNS
Class F
2020
8.55%
2021
13.16%
2022
13.38%
2023
12.38%
Annualized Returns
Class F
1 Year
12.38%
3 year
12.97%
5 year
11.33%
SINCE Inception
10.55%
Note: Returns net of fees, inclusive of reinvestment of distributions. Figures presented for the year ended December 31, 2023.
Fund Returns
C$180,000
C$160,000
C$140,000
C$120,000
C$100,000
2017
2018
2019
2020
2021
2022
2023
CALENDAR RETURNS
Class F
2020
8.55%
2021
13.16%
2022
13.38%
2023
12.38%
Annualized Returns
Class F
1 Year
12.38%
3 year
12.97%
5 year
11.33%
Since Inception
10.55%
Note: Returns net of fees, inclusive of reinvestment of distributions. Figures presented for the year ended December 31, 2023.
Fund Returns
C$180,000
C$160,000
C$140,000
C$120,000
C$100,000
2017
2018
2019
2020
2021
2022
2023
CALENDAR RETURNS
Class F
2020
8.55%
2021
13.16%
2022
13.38%
2023
12.38%
Annualized Returns
Class F
1 Year
12.38%
3 year
12.97%
5 year
11.33%
Inception
10.55%
Note: Returns net of fees, inclusive of reinvestment of distributions. Figures presented for the year ended December 31, 2023.
Key Facts
- Product Type
- Mutual fund trust
- Target total return (10 Year)
- 8% - 12% per annum (net of fees)
- Registered Eligible
- Yes
- DRIP
- 2% Discount to NAV
- Targets Distributions
- $0.70 per unit per annum (Class F)
- Purchases
- Monthly - Last Business Day of Each Month
- Redemptions
- Monthly - Last Business Day of Each Month
Note: Returns net of fees, inclusive of reinvestment of distributions. Figures presented for the year ended December 31, 2023.
Case Study
- Huntington Hill Townhomes
- Edmonton
At acquisition
Opportunity
In June 2021, the Avenue Living Core Trust acquired the Huntington portfolio — comprised of Huntington Hills Coach Homes, Huntington Court Coachhomes, and Huntington Townhomes — a 361-unit community in Edmonton, AB. We identified opportunities for maximizing returns through optimizing rent growth and implementing expense reduction strategies via active management and strategic capital investments.
Today
What We Did
Since acquiring the properties, we have invested over $6.2 million in the Huntington properties. In 2023, over 11% of the units underwent significant upgrades, totaling approximately $190,000 in investments (as of November 2023). The enhanced value proposition of the asset has fueled additional revenue growth through increased rents and ancillary fees, paired with cost-reduction measures and strategic renovations.
- Market
- Edmonton, AB
- Acquisition Cap Rate
- 5.00%
- Total capex spend
- $6,525,293 CAD
- Purchase price
- $62,393,910 CAD
- Number of units
- 361
- Implied Cap Rate
- 8.49%
-
NOI at purchase
(PREVIOUS T12)
- 2024 BUDGET NOI
- % NOI increase
- NOI Growth
- $3,119,695 CAD
- $5,851,923 CAD
- 88%
- Pre-Capex
- Post-capex
- % rent increase
- Average Rent
- $1,228 CAD
- $1,642 CAD
- 34%
- % NOI INCREASE
- 2024 BUDGET NOI
-
NOI at Purchase
(Previous T12)
- NOI Growth
- $3,119,695 CAD
- $5,851,923 CAD
- 88%
- % RENT INCREASE
- Post-capex
- PRE-CAPEX
- Average rent
- $1,228 CAD
- $1,642 CAD
- 34%
Case Study
- Edinburgh Place
- Regina
At acquisition
Opportunity
In January 2022, we purchased Edinburgh Place, a 96-unit townhouse community in Regina, SK. The property presented an opportunity for occupancy growth, market rent growth, and ancillary growth. By implementing value-add capital projects and enhancing services, we determined we could attract incoming migrants within the workforce housing demographic to occupy vacant units at market rental rates.
Today
What We Did
In the year following the acquisition, we replaced exterior siding, upgraded stairwells, and repaired sidewalks. Implementing the Avenue Living service standards, in addition to undertaking value-add projects, supported rent growth that exceeded prevalent market conditions.
- Market
- Regina, SK
- ACQUISITION CAP RATE
- 4.70%
- TOTAL CAPEX SPEND
- $1,606,231 CAD
- Purchase price
- $11,099,332 CAD
- Number of units
- 96
- IMPLIED CAP RATE
- 9.4%
- NOI AT PURCHASE (PREVIOUS T12)
- 2024 BUDGET NOI
- % NOI INCREASE
- NOI Growth
- $521,669 CAD
- $1,189,504 CAD
- 128%
- Pre-Capex
- Post-capex
- % RENT INCREASE
- Average Rent
- $871 CAD
- $1,280 CAD
- 46.9%
- % NOI INCREASE
- 2024 BUDGET NOI
- NOI AT PURCHASE(PREVIOUS T12)
- NOI Growth
- $521,669 CAD
- $1,189,504 CAD
- 128%
- % RENT INCREASE
- Post-capex
- Pre-Capex
- Average rent
- $871 CAD
- $1,280 CAD
- 46.9%
Key Acquisitions
Interactive Map
Hover over numbers to view
key acquisitions.