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.avenuelivingam.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.avenuelivingam.com for additional information regarding forward-looking statements and certain risks associated with them.   

Mini Mall Storage Welcomes Brian Boulter as Senior Vice President of Acquisitions

Dallas, TX, August 25, 2022

Mini Mall Storage Welcomes Brian Boulter as Senior Vice President of Acquisitions to Strategically Drive Growth From Coast to Coast

With a well-defined focus on first generation self-storage products in secondary and tertiary markets and a continued upward trajectory, Mini Mall Storage Properties (MMSP) has appointed Brian Boulter as Senior Vice President of Acquisitions. Based in the company’s Dallas location, Boulter will lead the overall acquisition strategy across North America.

In its first two years of operations, MMSP has aggressively added new acquisitions and expanded into exciting new markets, reaching over 4.1 million square feet in self-storage space, $660 million in assets under management (AUM), and setting the stage for strong future growth.

Boulter brings over 15 years of experience in self-storage asset management and acquisitions, having previously served in various executive positions at different national self-storage brands across the U.S. and Canada. Throughout his career, Boulter has developed a unique focus on acquisitions, fostered deep relationships with brokers and property owners, and led a team of acquisitions experts in best practices and strategic development.

“Mini Mall’s growth trajectory is coupled with an entrepreneurial spirit that I have not observed in the self-storage industry for a very long time,” says Boulter. “The fundamentals for self-storage are strong right now — it’s one of the best asset classes to be in as a hedge against inflation. I’m excited to join MMSP’s focused and highly strategic leadership team to successfully deliver on our clear vision and acquire stabilized properties from coast to coast.”

“As Mini Mall continues to bring stability to independent operators, our customers, and the industry as a whole, we are very fortunate to have Brian lead our team of talented acquisitions experts,” said Adam Villard, Chief Executive Officer of Mini Mall Storage Properties. “As the market shifts, I’m confident that our breadth of self-storage leaders and professionals will provide a solid foundation for us to drive ongoing value for our customers and investors.”

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.avenuelivingam.com for additional information regarding forward-looking statements and certain risks associated with them. 

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.avenuelivingam.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: avenuelivingam.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.avenuelivingam.com for additional information regarding forward-looking statements and certain risks associated with them.