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. 

Mini Mall Storage’s Strategy Appeals to Investors and Customers Alike

All financial figures are in Canadian dollars 

North American self-storage business owner and operator, Mini Mall Storage Properties (‘Mini Mall’), continues to show significant growth as the company surpasses $500 million in assets under management (AUM), offering over three million square feet of storage space and 25,000 storage units across Canada and the U.S.

“Our focus on technology and people, coupled with an industry-leading approach to service, sets us apart and has allowed us to scale up swiftly and confidently,” says CEO, Adam Villard. “We couldn’t have reached this incredible milestone without the support of our company’s broad, vertically integrated platform that keeps our people closely aligned across operations, finance, accounting, legal, service teams, and more.”

Today, Mini Mall employs more than 125 professionals across seven provinces from Vancouver, B.C. to St. John, N.B., and six states including Alabama, Arkansas, Indiana, South Carolina, Mississippi, and Ohio. Their recently appointed President of U.S. Operations, Raheem Amer, brings significant storage industry experience and a keen understanding of how and where technology is best used to modernize operations across all facets of the business.

“With strong technological foundations and a continuous drive towards efficiency, we are well on the path to becoming an industry leader within the class B and C self-storage space,” says Amer. “Using sophisticated technology from pre-acquisition stages to full stage servicing generates more informed investment decisions, smoother processes, and an optimized level of customer service.”

Mini Mall’s technological improvements include coded access gate systems, state-of-the-art security cameras, and an online customer portal which helps tenants easily manage bill payments.

In February 2022, Mini Mall celebrated its two-year anniversary. Since its inception, the company has become one of the top five self-storage providers in Canada and is showing similar gains across the U.S., acquiring over one million square feet of self-storage in Q1 of this year alone.

“We are proud of the work we do to deliver modern technology, operational excellence, and better value to our customers and investors across North America,” says Villard. “With numerous investments, attention to efficient operations, and a sharp focus on recruiting local talent, we have many more exciting milestones ahead of us.”

About Mini Mall Storage Properties Trust: 

Established in 2020, Mini Mall Storage Properties has been successful in strategically acquiring pre-existing storage facilities throughout North America and making purposeful capital improvements along the way. Working in alignment with its vision of modeling state-of-the-art technology and tenant convenience, it offers affordable storage solutions equipped with unmatchable safety, security, and innovative technologies. The company prides itself on continually working to retain a healthy, diverse, and inclusive workplace.  

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.  

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 Closes $138 Million in Multi-Family Real Estate Acquisitions

mutli-family building in Calgary

Following another recent company announcement, Avenue Living Group (‘Avenue Living’) is pleased to announce the acquisition of three multi-family rental residential properties in Calgary, Alberta. The acquisition, which includes 764 doors worth $138 million, brings the owner-operator’s share of Calgary’s multi-family rental unit market to greater than 4.5 per cent.

The portfolio was a desirable purchase for Avenue Living due to its affordable rental rates and strategic locations in nodes around the city. The properties are positioned near green space, schools, and numerous amenities. These acquisitions present significant value-add opportunities for Avenue Living, as the organization intends to undertake strategic capital improvement projects to enhance the properties.

“We have always seen promise in the Prairies,” says Anthony Giuffre, Founder and CEO of Avenue Living. “Over 40 per cent of our 750 employees are based in Calgary. This head office is also home to our vertically integrated platform, which supports our broader regions by drawing on efficiencies created by centralizing the disciplines of finance, legal, human resources, technology, marketing, and property management.”

Avenue Living now represents over 14,300 multi-family doors under management in 22 markets, across the North American Heartland. This Heartland region has been an important area of focus for the company and spans across the Canadian Prairies into key regions of the central United States. This acquisition, supported by a recent influx of investment capital, builds on other notable transactions in 2021, with 482 units acquired in Moose Jaw, Saskatchewan and Edmonton, Alberta.

Since 2006, Avenue Living has kept its focus on assets the company is highly experienced in – low-to-medium density multi-family housing. The company actively manages its assets and consistently invests in capital improvements, sustainable practices, and technologies to create an exceptional experience for its customers, while continuing to deliver value to investors. Its flagship investment offering, the Avenue Living Real Estate Core Trust, is the first true North American workforce housing provider delivering institutional-level servicing to this demographic.

“Delivering a best-in-class customer experience is vital to our success,” says Jason Jogia, Chief Investment Officer at Avenue Living. “With housing affordability being a dire need in today’s economy, we endeavour to elevate that experience and the overall value to our customers in each market. The workforce housing demographic, made up of essential workers, has proven to be stable and resilient. As such we will continue to grow our footprint across the North American Heartland.”

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 $3.5 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 14,300 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, 48,000 acres of productive farmland, and more than 2,700,000 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 may contain forward-looking statements. Readers should refer to the 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 Asset Management Announces Successful Equity Raise and Milestone $3.55 Billion in Assets Under Management

Calgary-based Avenue Living Asset Management, announced today its Avenue Living Real Estate Core Trust has raised $103 million in equity since December 2021. Beginning with an original expansion target offering of $60 million, the allocation of this close to a series of accretive purchases, brings the Canadian alternative asset manager from $3.25 billion to over $3.5 billion in assets under management in only two months.

According to Jason Jogia, Chief Investment Officer at Avenue Living, “this strong investor interest demonstrates confidence in Avenue Living’s uniquely designed, vertically integrated investment platform.”

“We are very excited about the timing of this accretive capital raise, and what it does for the execution of our continued growth and diversification activities. It builds on a carefully defined consolidation strategy focused on multi-family, low-to-medium density workforce housing apartment assets across the North American Heartland,” says Jogia. “These funds continue to support and accelerate further acquisitions, many of which are already in action in key regions across Canada and the United States.”

The Core Trust focuses on multi-family assets and delivers institutional-level servicing to North America’s most essential workers. The fund provides investors with an opportunity to own real assets that are not correlated to the public markets and delivers a valuable hedge against inflation.

“Right now, investors are shying away from market volatility,” says Anthony Giuffre, Avenue Living’s Founder and Chief Executive Officer. “An offering like the Core Trust is an ideal way for them to invest in real estate without actively managing the assets themselves. We are thrilled about the response to this capital raise as it will help us actualize our growing pipeline of North American acquisitions, allow us to gain significant market share, and provide investors with geographic diversification at a time when housing affordability is in high demand.”

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 $3.5 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 14,000 multi-family units located in Canada and the United States, Avenue Living and its related entities own over 450,000 square feet of commercial space, 48,000 acres of productive farmland, and more than 2,700,000 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 communication 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 Makes a Series of Timely Year End Announcements

December 17, 2021

CALGARY, Alberta –Avenue Living Asset Management (the “Asset Manager”) and Avenue Living Real Estate Core Trust (the “Core Trust“) is pleased to announce that is has successfully closed on the acquisition of Avenue Living U.S. Real Estate Trust (the “U.S. Trust“). The transaction along with the execution of further pipeline opportunities in Canada and the U.S. brings an additional 1,158 multi-family units into the Core Trust expanding its total unit count to over 12,350 across 21 markets for a total AUM of C$2.4 billion – over a 10% increase since October 2021.

The transactions have been facilitated by the successful execution of its C$60 million Expansion Offering target which will enable an additional C$100 million in purchases in Q1 2022. Given the momentum and demand by investors of the Expansion Offering, the Asset Manager has officially decided to extend the offering by 60 days and increase the offering to C$85 million. The additional capital will facilitate additional identified acquisitions in Canada and the U.S. and will be executed in the first half of 2022.  Based on investor demand, additional close dates have been scheduled over the next 60 days in order to accommodate interested parties. Terms and conditions of the expansion offering remain the same.

The completion of this transaction marks the Core Trust’s first acquisition in the United States multi- family market. It is anticipated this transaction will greatly enhance access to capital for the combined entity’s U.S. operations and will provide an established platform for the efficient expansion of the Core Trust’s multi-family real estate consolidation strategy through the North American heartland – establishing what management views to be the first North American alternative real estate fund to specialize in “Workforce Housing”.

“The company has established a tax-efficient, cross-border corporate structure to hold and invest in U.S. real assets, providing our investors with the opportunity to participate passively in the consolidation of multi-family residential real estate in the United States,” says Anthony Giuffre, Avenue Living’s Founder and CEO. “We are proud to have seen the expansion offering filled so swiftly, showcasing strong support from the capital markets for our North American diversified workforce housing strategy.”

Additional Closing Dates: 

December 29th, 2021 / January 17th, 2022 / January 31st, 2022 / February 15th, 2022

About Avenue Living Asset Management:

Founded on the principles of Investing in the Everyday, the Avenue Living Group (“Avenue Living“) focuses on opportunities that are often overlooked by others, having grown to over C$3.1 billion in aggregate assets under management across four private real estate investment mandates. The Avenue Living team includes over 700 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 13,000 multi-family units located in Canada and the United States, Avenue Living and its related entities own over 450,000 square feet of commercial space, 48,000 acres of productive farmland, and more than 2,000,000 square feet of self-storage space.

For more information or to book an interview with an ALAM executive, please contact: 

Wendy Ell, Director Stakeholder Relations at Avenue Living Group via [email protected]

Learn more about this and other investing opportunities with Avenue Living Asset Management at www.alamstg.wpenginepowered.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.