CIB Commits $120 Million to Avenue Living

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:

Canada Infrastructure Bank

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. 

Avenue Living Communities and Zenbase Partner to Offer Flexible Payment Options

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.