Leader Profile: Jason Jogia

As the chief investment officer of Avenue Living, Jason Jogia plays a key role in the firm’s strategy: looking past trophy real estate to focus on everyday assets like workforce housing, commercial real estate, farmland, and self-storage. Learn more about how Jason’s life-long fascination with real estate set him on the path to becoming Avenue Living’s CIO.

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. 

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Avenue Living Surpasses $4.25 Billion in Assets Under Management

Calgary, Alberta, October 18, 2022 – Avenue Living announced today it has exceeded $4.25 billion in assets under management (AUM).  

Following a series of key acquisitions in its multi-family residential, self-storage, and agricultural funds, Avenue Living reported this significant milestone, representing a 4X increase to its AUM since 2018. Headquartered in Calgary, Alberta and Dallas, Texas, the organization has grown to over 900 employees in seven provinces and 13 states, with additional plans for growth on both sides of the border.   

“Our business philosophy of ‘investing in the everyday’ means that we see potential in properties and markets that others often overlook,” says Anthony Giuffre, founder and CEO of Avenue Living. “We have built a scalable, defensible model that continues to perform through varying market cycles, and we have effectively institutionalized low-density property management by developing an infrastructure that is sustainable and repeatable.”  

Starting in 2006 with its first acquisition of a 24-unit property in Brooks, Alberta, the journey to becoming one of Canada’s largest property owners in both the multi-family rental residential and self-storage sectors has resulted from a clear, strategic focus on the North American Heartland. The organization has a well-researched understanding of the unique demographic profile, dubbed ‘workforce housing’, which it defines as a subset of the economy earning between $15 and $50 per hour.   

Jason Jogia, chief investment officer at Avenue Living states, “The days of passive income through property ownership are ending. In the largely unconsolidated markets we enter, legacy owners are looking for succession plans for their properties and businesses.” Jogia asserts that, “We find and acquire properties that are underperforming, and invest in strategic operational, capital, and technological enhancements to bring these properties up to the Avenue Living standard. These improvements not only enrich the customer experience but improve the operating performance of the property. Our growth is measured, conservative, and deliberate across the geographies we target; and the assets we choose have proven to be defensible through times of volatility.” 

Avenue Living is the second largest building operator in Canada by roofline and has 10 per cent of their residential multi-family portfolio in the United States. The organization’s self-storage fund, Mini Mall Storage Properties, has grown exponentially in just over two years with over 4.6 million square feet of storage space and 56 per cent of its facilities in the U.S.. In addition, Avenue Living Agricultural Land Trust steadily grew across the Canadian Prairies, with 82,900 acres under ownership and leased as active farmland.  

The organization’s focus away from ‘shiny objects’ has historically insulated the portfolio from the high highs and the low lows seen in high-growth markets. “Our growth is intentional; it creates economies of scale and scope, which continuously enhances our operational excellence,” says Gabriel Millard, senior vice president of capital markets. “We focus on markets that have historically exhibited low to moderate growth, where we use our expertise to manufacture alpha. As we see a resurgence across the North American Heartland, we are well positioned to continue capturing the upside of this economic trend.”  

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 $4.25 billion CAD in aggregate assets under management across four private real estate investment mandates. The Avenue Living team includes over 900 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 15,000 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, 82,900+ acres of productive farmland, and more than 4.6 million square feet of self-storage space.   

All financial figures are in Canadian dollars. 

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 Reaches 15,000 Multi-Family Units Under Management

Calgary, AB, Oct. 13, 2022 — All financial figures are in U.S. dollars

Calgary-based Avenue Living is pleased to announce that following the recent acquisition of a 386-unit property worth $52 million in Columbus, Georgia, it has reached a milestone of 15,000 multi-family homes under ownership in 23 regions across North America.

The purchase reinforces Avenue Living’s 16-year, proven consolidation strategy, which focuses on low-to-medium density workforce housing located in key markets. The company continues to target moderate growth markets that exhibit a diversified economic base and low institutional penetration.

“Since entering the multi-family space in 2006, we’ve focused on creating an operating model that puts the residents’ needs first,” says Anthony Giuffre, Founder and Chief Executive Officer at Avenue Living. “Our experience has shown that these needs transcend geographies, which presents opportunities to expand our defensible model across key locations in Canada and the United States.”

Avenue Living has a track record of immediately adding value to buildings and improving resident satisfaction. “We proactively implement service and technology improvements, like security, prop-tech, fin-tech, and capex investments,” says Giuffre. “Through our innovative solutions and operations-first approach, we have bolstered our reputation and investor confidence. Word-of-mouth referrals have increased, and our Net Promoter Score has risen consistently — a strong hallmark in the rental industry because it represents 365 days of good service, not one simple transaction.”

Avenue Living continues to see strong tailwinds in the workforce housing rental market and capitalizes on these conditions by consistently delivering best-in-class customer service to its residents — maintaining 97.5% occupancy across all units in North America and higher than average retention rates. This established service framework, through a vertically integrated operating platform, allows Avenue Living to deliver a consistent experience across new markets and support its expansion strategy.

“We use a rigorous research and analysis process to select each and every one of our multi-family properties,” says Jason Jogia, Chief Investment Officer at Avenue Living. “We understand local market conditions, industry and employment opportunities in the region, level of demand, and of course the potential of each property we acquire.”

As one of the largest consolidators of workforce housing across North America, Avenue Living’s latest milestone of 15,000 multi-family units puts the company into an upper tier within the Canadian real estate industry. Since the start of 2021, the organization has grown its unit count by 46%, acquiring over 4,800 multi-family units.

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 $4.1 billion CAD in aggregate assets under management across four private real estate investment mandates. The Avenue Living team includes over 900 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 15,000 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, 82,900+ acres of productive farmland, and more than 4.6 million 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 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 Expands Core Trust with a New Acquisition in Georgia

Avenue Living is pleased to report its recent acquisition of The Palms Apartments in Columbus, Georgia, carrying on a tradition of offering affordable and high-quality multi-family homes to workforce housing residents in a new state.  

“We believe in the steadiness of Columbus,” says Stephen Smith, Vice President of Capital Markets. “It has strong and stable market fundamentals backed by a diversified employment landscape. When we look to enter a new market, we base our decision on a wide variety of factors — stability through economic downturns is an important indicator for us. In addition to being an attractive asset in a healthy market, we were able to secure accretive debt terms on this transaction.”  

This purchase signifies Avenue Living’s expansion into the southeastern United States, a market benefitting from inbound migration largely attributed to individuals and corporations choosing the area as a home base because of its affordability. 

Located in the North Columbus submarket, The Palms Apartments are situated along major transportation routes with convenient access to top school districts, retail, services, and four of the largest employers in the metro area. The median household income in this area is also significantly higher than in other parts of Columbus.  

The Class B garden-style apartment community has 386 units built between 1982 and 2002 and features two resort-style pools, a fully equipped fitness center, a lake surrounded by a walking trail, and barbeque areas, among other amenities. This acquisition represented an opportunity for Avenue Living to purchase a high-quality product at a price point that aligns with our affordability construct.   

While the property is well constructed, the team has identified several areas for capital improvements. “The Palms is a vibrant community with significant value-add potential, and there’s demand for a more modern product in this node of the city,” says Bettina Oslanski, Senior Vice President of U.S. Asset Management. “It is rare to find an asset of this age that’s so well maintained and can be repositioned through a small number of pointed, high-impact enhancements.”  

Avenue Living’s upgrade program will be comprised of a brand refresh, enhancements to amenity spaces, and unit renovations, including the installation of stainless-steel appliances, backsplash, granite countertops, hardware, and fixture upgrades. 

The renovation investment will total $5.8 million USD and benefit from Fannie Mae’s ‘Moderate-Rehabilitation’ program, which provides a fixed-rate, interest-only loan with the option of repatriating funds spent on capital improvements in the near term. The Avenue Living team secured the interest rate early, which provided insulation from the capital market fluctuations seen over the last several months and de-risked the acquisition. 

The Palms acquisition brings the total U.S. exposure of the Avenue Living Real Estate Core Trust to over 1,300 multi-family doors across five states. This expansion reinforces the defensibility of Avenue Living’s strategy by diversifying market, operational, and currency risks.  

“We continue to see investor support for our cross-border diversification strategy,” says Gabriel Millard, Senior Vice President, Capital Markets – Equity & Research. “10 per cent of our Core Trust exposure is now in the United States, and we are excited to continue expanding our footprint across the North American heartland.” 

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.