08/14/2023

2023 Mid-Year Review: Laying the Foundation for Stability and Growth 

As our leadership team reflects on the first half of 2023, the theme is one of sustainability and continued growth for Avenue Living. As we progress throughout the year, we’re poised to reach new milestones given the strong foundation we have spent the last few years cultivating. Each of our funds has access to a robust vertically integrated platform with talented experts in finance, legal, marketing, technology, accounting, HR, and customer service to support their operations. As we grow, that platform scales with our different businesses, allowing us to maximize efficiency across the organization.  

Multi-Family 

This year, our Core Trust has sustained its steady growth trajectory, as the groundwork from previous years allowed us to find upside in constrained markets. Our approach as an active property manager, and the platform we have built to support our operations, has helped us deliver superior resident experiences and manage our assets while mitigating rising costs.  

“We remain focused on our defensibility and advancing our business for the rest of 2023,” says Avenue Living Founder and CEO, Anthony Giuffre. “We continue to be bullish on the Prairies given its population growth and affordability when compared to other markets.” Our multi-family acquisition pipeline includes over 3,000 units in the region which have the potential to close in the latter half of 2023 or early 2024, which could bring our portfolio to over 18,000 units.

“Our investments in people and technology have created the basis for us to support new acquisitions across our asset base without increasing management costs,” says Jason Jogia, CIO of Avenue Living. “This ability to scale, coupled with our ability to borrow strategically while taking advantage of the inverted yield curve, allows us to minimize our costs while investing in our assets and delivering a superior resident experience.”  

Sustainability remains a key cornerstone of our business, as we invest in capital improvements and strategically plan our projects to reduce greenhouse gas emissions across our portfolio. These projects — many of which will launch in the second half of 2023 and progress over the next four years as part of our landmark partnership with the Canada Infrastructure Bank — will improve the energy consumption of approximately 240 buildings and enhance comfort for around 10,000 Avenue Living Communities residents.  

Self-Storage 

Mini Mall’s focus on operational efficiency at the beginning of 2023 has been key to its growth. This approach has allowed the front-line customer service team to deliver a consistent experience at every location, bringing new acquisitions to the MMSP standard.  

“With over 100 stores coming online last year, we wanted to stabilize our operations and quickly produce consistent performance and results on these assets,” says MMSP CEO, Adam Villard. Mini Mall delivered on that by adding operational expertise to the executive team and focusing on efficiency, resulting in close rates increasing by 48% and delinquencies decreasing by 84% between January to June.  

“We’ve really been focused on ‘the three C’s’,” says Villard, “closing, cleaning, and collecting.” By putting strategic practices in place to help close leads, bringing facilities up to the Mini Mall standard for aesthetics and cleanliness, and lowering delinquencies, site managers and staff can concentrate on creating a seamless customer experience across the organization.  

Mini Mall also implemented new marketing and customer service strategies to refine its lead generation process, which doubled results between the end of March to the end of June. “Those efforts are really what’s driving our business right now,” says Villard. 

Going forward, Villard sees Mini Mall maintaining strong occupancy throughout the winter to balance the seasonal fluctuations the industry is known for, and continuing to drive targeted programs to build on revenue and occupancy numbers.  

Farmland 

2023 has been a notable year for our farmland investments as we developed and launched Tract Farmland Partners – building on the success of our Avenue Living Agricultural Land Trust. Interest in farmland as an investment gained traction during the pandemic and it shows no signs of slowing. In its first six months, Tract now holds 3,560 acres of arable land.  

CEO of Tract Farmland Partners and Agricultural Land Trust, Leif Snethun, credits the recent world events for the uptick in people’s interest in food supply, noting that the launch of the Agricultural Land Trust in 2017 was slower to get underway than Tract has been. There has always been interest in farmland, but since 2020 it has become more widespread among investors.  

“The farmland industry has always been a wonderful space to be in,” says Snethun. He sees Tract adding more assets to its portfolio for the remainder of 2023. “I’m eager to see the momentum build as people remain interested in the agricultural sector and want to know where their food comes from.” 

Our Path Forward  

The first half of 2023 has been significant for our investment vehicles, as we fostered our ground-breaking partnerships, launched new projects, and saw growing investor interest in our asset classes. Our active management model and platform of services — coupled with careful planning and analysis — will allow us to capitalize on a breadth of opportunities. We’re excited to continue driving our business forward and deliver a competitive advantage in these unique economic times.  

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



Terms & Conditions

By clicking "I Agree" and accessing this content, you acknowledge and agree to the following terms and conditions of use. The following constitutes a legal agreement governing your access to and use of the following webpages and is entered into between you and Avenue Living Asset Management Ltd. and (collectively, the “Company”):
  1. Restricted Access
The information contained on the following webpages is intended solely for use by individuals who are registered investment professionals in Canada, including those registered with a provincial securities commission, the Canadian Securities Administrators (CSA), or a recognized self-regulatory organization (e.g., CIRO). If you are not a registered investment professional in Canada, you are not authorized to access or use this information.
  1. Regulatory Compliance
By accessing this information, you represent, warrant and covenant that:
  • You are a registered investment professional in Canada and remain in good standing under applicable laws;
  • You are accessing the information solely in your professional capacity, and not as a retail investor or for general promotional or solicitation purposes; and
  • You will not use the information in any manner that would breach Canadian securities laws or regulations or applicable laws of any other jurisdiction.
  1. Company Status and Distribution Model
Avenue Living Asset Management Ltd. is a non-registered asset management firm and does not itself engage in the distribution of securities. Securities of Avenue Living Real Estate Core Trust, Mini Mall Storage Properties Trust, Tract Farmland Partners LP and any other issuer described in these materials are distributed exclusively through third-party investment dealers and exempt market dealers that are registered under applicable Canadian securities laws. Such distribution is conducted pursuant to available prospectus exemptions under National Instrument 45-106 – Prospectus Exemptions or other applicable local exemptions in the relevant offering jurisdictions. The Company does not provide investment advice or portfolio management services and is not registered as a dealer or adviser in any Canadian jurisdiction.
  1. Nature of Information
By proceeding, you acknowledge that the materials available behind this click-through agreement may include, but are not limited to:
  • Offering Memorandums (OMs) and other subscription-related documents;
  • Marketing presentations and fund fact sheets relating to potential investment opportunities;
  • Due diligence materials and supporting documentation;
  • Confidential information regarding investment strategies, fund structures, and/or management teams.
Such information is non-public, proprietary, and confidential, and is intended only to be accessed and reviewed through the Company’s website by qualified, registered investment professionals.
  1. Not an Offer or Solicitation
The materials accessed are provided on this website solely for informational purposes and do not constitute an offer to sell, or a solicitation to buy, any securities or investment products in any jurisdiction, nor do they constitute investment advice. Any such offer or solicitation, if made, would be pursuant to applicable securities laws and accompanied by appropriate offering documents. No offer or sale is being made to any U.S. Person (as defined in Regulation S under the U.S. Securities Act of 1933, as amended), nor to any person in the United States or subject to U.S. jurisdiction. The securities described hereinafter have not been and will not be registered under the U.S. Securities Act and may not be offered or sold in the United States or to U.S. Persons absent registration or an applicable exemption. The information contained on this website is not intended to constitute financial, investment, legal, accounting or tax advice or counsel and must not be relied upon in that regard. See Disclaimer - Avenue Living Asset Management and Forward Looking Statements - Avenue Living Asset Management for further information.
  1. Confidentiality & No Dissemination
You acknowledge that the information you are accessing is confidential and proprietary to the Company. You agree:
  • Not to copy, forward, share, or otherwise disseminate any of the materials;
  • Not to use the materials for any purpose other than your internal investment evaluation in a professional capacity;
  • To maintain the confidentiality of all information in accordance with applicable professional and legal standards.
You agree that the materials may not be copied, distributed, forwarded, or otherwise disseminated to any third party, including clients, prospective investors, or members of the public, without prior written consent of the Company. Unauthorized distribution, reproduction, or reliance by any third party is strictly prohibited.
  1. Intellectual Property Rights
All content provided is the intellectual property of the Company or its licensors and is protected under applicable copyright, trademark, and trade secret laws. You are granted a limited, non-transferable, non-sublicensable license to access and use the materials solely for professional due diligence purposes. You may not modify, reverse engineer, decompile, or create derivative works from any materials, nor remove any copyright or proprietary notices.
  1. Accuracy and Limitation of Liability
The information provided is believed to be accurate and reliable as of the date presented but is subject to change without notice. The Company makes no representation or warranty, express or implied, as to the accuracy, completeness, or currency of the content and disclaims all liability, to the extent possible under applicable securities laws, arising from any reliance on such information.
  1. Language
The parties hereto expressly request and require that this agreement be drawn up in English. Les parties aux présentes conviennent et exigent que cette entente soit rédigé en anglais.
  1. Acceptance of Terms
By clicking "I Agree," you confirm and agree that: If you do not agree to these terms, do not access or use the information.

Related Posts

It is a long established fact that a reader will be distracted by the readable content of a page when looking at its layout.


Tessa Bartlett 25 September, 2025

Avenue Living Closes Senior Unsecured Debenture Offering for $350 Million

Calgary, AB, Sept. 25, 2025 (GLOBE NEWSWIRE) -- Avenue Living (2014) LP (“Avenue Living”) announced…

Tessa Bartlett 25 September, 2025

Avenue Living Announces $350 Million Senior Unsecured Debenture Offering

Calgary, AB, Sept. 23, 2025 (GLOBE NEWSWIRE) -- Avenue Living (2014) LP (“Avenue Living”) announced…

Tessa Bartlett 25 September, 2025

Avenue Living Recognized as a Top Employer for Second Consecutive Year, Highlighting the Power of People Behind Record Growth

Calgary, AB, Sept. 16, 2025 (GLOBE NEWSWIRE) -- Avenue Living has once again been named one of…