Avenue Living Asset Management announced it has surpassed $2 billion in assets under management during the COVID-19 pandemic. The Alberta-based company founded in 2006 has grown by 30 per cent since December 2019.
“This is a significant milestone for the organization,” says Anthony Giuffre, Founder and CEO of Avenue Living. “We have created a robust and sustainable platform, and we have shown that we have the systems and processes to thrive during market fluctuations.”
The organization operates as a vertically integrated platform, which gives its investment funds access to best-in-class legal, property management, marketing, logistical and customer service expertise. “We have five unique investment offerings that have a competitive advantage in the marketplace, allowing us to pool individuals together who have incredible amounts of knowledge and expertise,” says Giuffre.
Avenue Living invests in class B and C multifamily housing, a segment of the market that is frequently overlooked, but nevertheless has proven stable in the face of market volatility. This asset class often serves the essential workforce, who make up almost 40 per cent of the Canadian population, and during the pandemic have often been referred to as the “backbone of the economy.” Over the past year, the organization has expanded its focus to invest in workforce housing in the United States, as well as self-storage in Canada. All five funds invest in what the company refers to as “the everyday,” assets and businesses that serve most of the workforce.
“What has changed between reaching $1.5 billion and $2 billion in AUM is that we have profoundly identified our ‘why,'” says Jason Jogia, Chief Investment Officer of Avenue Living. “Avenue Living invests in the everyday, and this has proven to be tenacious through the ups and downs of three economic cycles, and now the pandemic. The pandemic has been an affirmation that our investment philosophy and our ‘why’ work well, and it’s the right business to be developing.”
The interdisciplinary platform has allowed Avenue Living to adapt and communicate with stakeholders — including employees, residents, investors, vendors, and the financial community — as the pandemic unfolded.
“The platform has set the stage for future growth,” says Giuffre. “We have created the internal framework that will allow us to achieve the next milestone.”