Asset manager hits $1.5 billion milestone

Firm’s three investment funds focus on real estate in the Prairies, with rapid growth 'very validating'

Asset manager hits $1.5 billion milestone

Avenue Living Asset Management has bucked the trend in Calgary and soared to $1.5 billion assets under management.

The Calgary-based company focuses on real estate in the Prairies, owning and operating residential, commercial and agricultural real estate through three investment funds.

“In May of 2018, we were at $1 billion. Now, a year and a half later, we’re at $1.5 billion,” said Jason Jogia, chief investment officer for Avenue Living Asset Management Ltd. “It’s exciting for us because it shows that the market likes what we’re doing. Together with our positive relationships with our lender partners, this has allowed us to aggressively grow our asset base. It’s very validating.

 “We’ve spent $100 million renovating 6,500 suites, so the valuation of our assets continues to improve,” Jogia added. “And our recent acquisitions in Calgary and Medicine Hat have pushed us over that $1.5 billion mark.”

Anthony Giuffre, CEO of Avenue Living Asset Management, said: “This is a huge achievement, especially considering our company has weathered two significant recessions. Now our size allows us even more economies of scale and scope across our three funds.”  

Avenue Living was founded on the value proposition of the Prairies, starting with the purchase of 24 rental units in Brooks, Alberta for $3 million in 2006. Today its assets feature a diversified portfolio of 9,000 residential units across 18 markets in the Prairies, on track to grow to more than 10,000 residential units in 2020. 

Former Premier of Saskatchewan Brad Wall is a special business advisor to Avenue Living. 

“Avenue Living continues to be a western Canadian success story,” said Brad Wall. “The company is choosing to make very significant and successful investments in Saskatchewan and Alberta - despite the ongoing challenges presented by stubbornly low commodity prices.” 

Avenue Living provides economical housing for the workforce housing population. This niche market is geared to essential workers who are the backbone of every city, making up almost 40% of the Canadian population.