Avenue Living Achieves $1 Billion Milestone
CALGARY, AB — Today Avenue Living Asset Management reached a major milestone of having $1 Billion in assets under management, after closing on a 235-unit townhouse acquisition in Red Deer, Alberta.
“This achievement is not only a key moment in our company history, it is a significant milestone that establishes us as a sizeable presence in the national real estate industry,” said Anthony Giuffre, CEO of Avenue Living Asset Management.
2018 has already been a year filled with landmarks for the company.
“Avenue Living has taken sizable positions in two new markets, in addition to the 16 markets already established across the Prairies,” said Jason Jogia, CIO of Avenue Living Asset Management.
In the first quarter of 2018 alone, Avenue Living’s Opportunity Trust acquired 412 units with a value of $17.6 Million. Including today’s closing, the company has acquired an additional 301 units with a value of $43.6 Million in Q2.
The company has come a long way since its first acquisition in 2006, with the purchase of a 24-unit building in Brooks, Alberta. Since then, Avenue Living has grown rapidly, specializing in multi-family properties in secondary and tertiary markets, reaching 6,099 units by 2015. During the recent regionalized recession, the company initiated an $85 Million capital expenditure program, renovating and upgrading all residential properties. In 2016, Avenue Living expanded its reach, establishing 3 investment offerings with their own diversified investment strategies.
Today, Avenue Living is one of the largest private real estate owner/operators in Western Canada, with $1.03 Billion in assets under management across three investment vehicles. Avenue Living’s portfolio includes 7,200 multi-residential units, 400,000 sq ft commercial space and 20,000 acres of agricultural real estate.
With recent economic factors including the uptick in oil prices, increasing interest rates and changes in government mortgage policies, the outlook for buoying rental markets is looking positive in 2018. Avenue Living anticipates significant growth momentum beyond the $1 Billion milestone, and the company intends to leverage these positive market conditions in its continued growth strategy.