Avenue Living Reaches 8,000 Unit Milestone
CALGARY, AB — Avenue Living Asset Management announced today it has reached a new milestone. The Calgary-based company now owns and operates 8,000 multi-family apartment units across the Prairie provinces, increasing by 2,000 units since 2017.
This new milestone was reached thanks to another milestone: the largest purchase in the history of the organization. Avenue Living has acquired the Delton Townhomes in Edmonton for $43.5 Million. The 280 units are situated on 17 acres of land.
With $1.2 Billion assets under management, Avenue Living is forecasting a robust year ahead, with plans to acquire another 3,000 units in 2019. The company has already identified these properties, located primarily in the Calgary, Edmonton, Red Deer and Regina markets.
Earlier in mid-2018, Avenue Living initiated an equity raise with a target of $75 Million. As of December 2018, the raise has surpassed expectations by more than double, having raised $180 Million.
“We continue to see attractive acquisition opportunities across many of our existing markets,” said Jason Jogia, Chief Investment Officer, Avenue Living Asset Management. “Growth enables us to continue scaling our management infrastructure, which enhances efficiencies and returns for our investors.”
Avenue Living Asset Management will continue to raise equity across all investment offerings on the basis of sourcing accretive deals in the market.