Avenue Living Expands Calgary Portfolio With Wyldewood Estates Acquisition
We continue to expand our Calgary portfolio with the acquisition of Wyldewood Estates. Located in the southeast quadrant of the city, the 330-suite property is close to shopping, schools, transportation, and ample green space — making it a desirable location for Calgarians.
“We plan to enhance the resident experience at Wyldewood through active management and a capital improvements strategy,” says Adam Law, vice president, Investments.
The acquisition presents an opportunity for us to scale our operations in the South Calgary submarket, an area where we have extensive experience and a deep understanding of the customer. We’ll immediately leverage our existing operations and team to bring the property in line with the Avenue Living standard.
“This property’s age and footprint make it an excellent candidate for deep energy retrofits. Alongside our work with CIB, this is another example of how we’re prioritizing ESG across our portfolio,” says Adam. Over the next several years, we’ll complete suite renovations, replace building envelope components, and make mechanical upgrades to modernize the buildings.
“Calgary and other Prairie cities are attractive regions for investment because they’re uniquely equipped to withstand economic headwinds that will continue to affect the broader market,” says Adam.
With no material supply forecasted in the short term and little vacancy in the market, the property will fill the essential need for housing. “Markets in the south of Calgary remain affordable, making them attractive to our resident base, the workforce housing demographic,” explains Adam.
We look forward to continuing to build our presence and operations in our hometown of Calgary.
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 https://www.avenuelivingam.com/forward-looking-statements for additional information regarding forward-looking statements and certain risks associated with them.