Simple, but not easy: Inside Avenue Living's blueprint for success

This article was produced in partnership with Avenue Living 

For nearly two decades, Avenue Living has carved a distinctive presence in the real estate investment landscape across Canada and the United States. 

With more than $8.5 billion in assets under management, the firm has built a reputation for resilient, long-term performance. Its approach is guided by three core principles — pure play, disciplined management, and scale — which together form a repeatable framework for success that has enabled rapid growth. 

Pure play: Focus creates clarity 

Avenue Living’s pure-play strategy centres on acquiring and operating real estate essential to everyday life. This principle defines everything the organization does, from its focus on three core asset classes (workforce housing, self-storage, and farmland) to how it serves specific customer demographics across markets. 

“In the early stages of growth, it’s relatively straightforward to concentrate on what’s working and to keep executing on it,” says Gabriel Millard, Managing Partner, Equity Capital Markets at Avenue Living. “The challenge comes as the organization expands, or when your original approach no longer delivers the growth you anticipated.” 

Resisting the temptation to chase short-term trends, Avenue Living has remained true to what works. The firm began with a multi-family fund, refining acquisitions and operations to meet the needs of workforce housing residents. That same playbook has since been applied to self-storage and farmland — sectors that align with the organization’s operational strengths and its focus on essential, resilient assets. 

“We stay true to our core commitment — prioritizing our customers’ needs and striving for excellence at every level,” Millard says. “In our multi-family fund, for instance, we know what matters to residents. As we’ve grown, we’ve identified regions where we can deliver high-quality housing at an affordable price while achieving our targeted returns.” 

Disciplined management: Methodical and measured 

Avenue Living’s success is anchored in disciplined management and a vertically integrated model that prioritizes long-term value. 

As a pure-play organization, the firm applies a calculated, data-driven framework to every acquisition — guided by rigorous due diligence, operational excellence, and strategic diversification. 

At the heart of this approach is a multi-layered acquisition process that filters opportunities with precision. Of the broad range of potential investments reviewed, only a small fraction make it through the deal funnel. This selectivity ensures capital is deployed prudently, with each asset aligning to Avenue Living’s strict geographic and economic criteria. 

“Our integrated model gives us a unique edge,” Millard explains. “We have an acquisitions team working closely with the brokerage community, underwriting deals, and managing every aspect of the acquisition process in-house — from due diligence to legal to property management. That depth of expertise allows us to move decisively when the opportunity is right.” 

This same intentionality extends to financing. Avenue Living employs fixed-rate debt, laddered maturities, and robust cash reserves to preserve liquidity. These measures not only protect capital but also ensure the firm can act quickly when favourable opportunities arise. 

“It’s about understanding every angle before we commit,” Millard says. “And that’s what makes our strategy repeatable, resilient, and ultimately successful.” 

Leveraging scale: Stability with strength 

Avenue Living’s scale gives it the power to act decisively while maintaining a defensive posture. 

Its size supports sustainable leverage, large liquidity buffers, and strong debt covenants — key traits that attract institutional investors seeking resilient exposure to private real estate. 

“This year, we’ve taken significant leaps across all of our asset classes, driven by substantial M&A opportunities and same property operating performance,” Millard notes. 

In a milestone achievement, Avenue Living (2014) LP (“AL 2014 LP”), Avenue Living’s operating entity in the Canadian multi-family space, became the first multi-family operator in over a decade to earn an investment-grade issuer rating in Canada. AL 2014 LP subsequently obtained investment grade credit ratings for two series of senior unsecured debentures issued in two closings and totalling approximately $600 million in the Canadian debt market. 

“We maintain a strong liquidity profile, targeting to keep a minimum of 10 per cent of NAV at all times,” Millard adds. “That scale gives us both flexibility and defensibility so we can move when others can’t.” 

Scale also enables the firm to replicate success efficiently across geographies, leveraging its operational platform and integrated teams to achieve consistency and efficiency. By combining size with discipline, Avenue Living balances growth and prudence, ensuring every expansion builds on its strengths. 

A repeatable, resilient model 

While market trends and macro developments often shift, Avenue Living’s model is designed to endure. 

“By committing to a single business strategy and refining it over time, Avenue Living has created a model capable of delivering reliable growth,” says Millard. “Focusing on operational excellence and service standards has ultimately translated into maximising our returns.” 

Through its pure-play focus, disciplined management, and strategic use of scale, Avenue Living continues to demonstrate that success in real estate investing is simple — but not easy. 

_{This article and the information contained herein are for informational purposes only and do not constitute an offer to sell, or a solicitation of an offer to buy, securities in any jurisdiction, and do not and are not intended to constitute investment, financial or legal advice. Past results may not be indicative of future results. This article contains opinions of Avenue Living Asset Management Ltd. (“ALAM”) and there is no obligation to update such information. Readers should speak to their own financial advisors about any investment decisions and the risks associated therewith. This article was issued on behalf of and paid for by ALAM.}