Avenue Living Raises Their AUM to $2.8 Billion Through a $275 Million Edmonton Acquisition

CALGARY, AB, July 6, 2021 /CNW/ - Avenue Living Asset Management is pleased to announce they have acquired $275 million in assets within the space of one week in Edmonton, Alta.

These acquisitions, which include 1,566 doors, double Avenue Living's Edmonton portfolio. The Edmonton market now accounts for 25 per cent of the company's multi-family portfolio. 

"We're focused on a particular segment of multi-family — workforce housing," said Anthony Giuffre, Founder, Chief Executive Officer and Executive Chairman, Avenue Living Group of Companies. The company's target market focuses on existing, high-potential, low-density assets. This strategy goes above and beyond a sole focus of location and designs an investment strategy around a target resident demographic.

There is currently a changing of the guard in real estate —passive landlords are not often able to invest the capital required to maintain operations in today's business landscape and are now divesting from non-core assets. Avenue Living has positioned itself to be at the forefront of this trend by building a platform designed to acquire and integrate low-density assets into its ecosystem.

"We're still owners and operators. Our laser focus on operations has led to a platform that is built to scale and absorbs assets efficiently. We have a tech-forward, vertically integrated model that was built over 16 years to focus on managing the 'hard to manage'. We now have the ability to buy and integrate an upper scale product at an incredibly attractive rate," Giuffre said. 

For Avenue Living, their growth from 24 doors in 2006 to 12,500 doors today is a testament to their methodical investment strategy and the detailed research that goes into the markets in which the company operates. Five successful mandates have proven Giuffre's strategy is sound: establish the mandate with your own capital, prove the thesis through acquisitions, de-risk through operations, and then raise external capital to grow and scale.

The pandemic has proven the resilience of the Avenue Living business model — and beyond that, the company has witnessed substantial growth. Avenue Living has expanded its overall AUM by over 80 per cent, from $1.5 billion at the beginning of 2020 to $2.8 billion today.

These recent acquisitions in Edmonton were opportunistic investments that captured an ideal resident base in a promising market. Hence, Avenue Living can continue to deliver its high-quality service to those residents who continue to live in the apartments and townhomes that have been acquired. 

Avenue Living wants to ensure that budget-conscious and hard-working individuals and families have a safe and affordable place to live. Focused on enriching the lives of its residents, Avenue Living is responsive to its residents' needs, fostering communities in which it operates, and creating an experience that is secure, comfortable and stress-free. 

"Edmonton is unique. We want to continue to strategically grow our portfolio in this market and will continue to explore future opportunities. Everything is about price, customer, and location. We have found remarkable success in this market, and our recent $275 million investment in Edmonton is a testament to this," Giuffre said.

About Avenue Living Asset Management: Avenue Living Asset Management is a leading Canadian alternative asset manager with over $2.8 billion in assets under management and five alternative investment products. Avenue Living owns and operates its assets, which support sectors essential to the everyday lives of Canadians — workforce housing, commercial real estate, farmland, and self-storage. A vertically integrated platform, access to capital, and operational expertise allows it to continue to grow based on sound business fundamentals. 

SOURCE Avenue Living Asset Management

Anthony Giuffre, Founder and CEO, Avenue Living, Care of Jessica Rondeau, Executive Assistant, [email protected]