Avenue Living Asset Management announced it has recently acquired $275 million in assets in the Edmonton market, doubling its Edmonton portfolio, which now accounts for 25 per cent of the company’s multifamily properties.
“We’re focused on a particular segment of multifamily — workforce housing,” said Anthony Giuffre, Founder, Chief Executive Officer and Executive Chairman, Avenue Living Group of Companies. “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.”
The company’s buying strategy revolves around existing, high-potential, low-density assets that target a specific resident demographic. Since 2006, Avenue Living has grown from 24 to 12,500 units using what it calls “a methodical investment strategy” which includes detailed research into the markets in which it operates. The company has undergone substantial growth since the pandemic began last March, expanding its overall AUM by over 80 per cent, from $1.5 billion to $2.8 billion today.
The company says the recent acquisitions in Edmonton were opportunistic investments that captured an ideal resident base in a promising market.
“Edmonton is unique,” Giuffre said. “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.”
For more information, visit: Avenue Living Asset Management (avenuelivingam.com)