How Avenue Living is pressing its property management advantage

This article was produced in partnership with Avenue Living Asset Management. 

For multi-family owner/operators, the dynamic environment of 2024 created a complex mix of challenges and opportunities. And while that was also true for Avenue Living, the firm’s commitment to operational excellence helped it adapt — and thrive — in its chosen markets. 

“On day-to-day operations, we’re still in an environment of very high demand,” said Max Graham, chief operating officer at Avenue Living. “We operate across the North American heartland and Canadian Prairies, where we’ve seen strong in-migration of new residents, including new Canadians and Americans, alongside robust job creation.” 

Looking at the debt and financing side of the business, Graham said elevated interest rates across North America led to higher cost structures for owner/operators at large last year. At the same time, many regions saw increases in property taxes, pushing expenses up further. The result was an economic environment that made having a strong operational focus necessary to survive and succeed. 

“We managed certain costs very well, finding operational efficiencies in contracts and team structure,” he said. “Overall, we’re pleased with how the year played out.” 

From its beginnings as a small Alberta rental operator in 2006, Avenue Living has grown into one of the largest private real estate owner/operators in Western Canada. Over the years, it has consolidated over $7 billion in assets under management across various asset classes, including a multi-family division with more than 18,000 doors throughout the North American heartland. 

“We’re a vertically integrated organization, meaning we handle many pieces, if not every part, of the various chains that run through our portfolio, from due diligence and acquisitions to maintenance and leasing,” Graham said. 

The integration advantage 

Throughout 2024, Graham said Avenue Living maintained its focus on same-door performance and operational efficiency, which boosted same-door NOI improvements and led to gains in fair market value for its multi-family residential assets. Among other wins, he said the residential portfolio grew by 6 percent, including its expansion into a new US market, with growth well into the double digits. 

Unlike other REITs that may outsource some parts of their business to third parties, Graham says Avenue Living is able to service residents in-house from the very beginning of their customer journey. With dedicated internal teams stewarding them through every step of the process — initial inquiry to rental application, leasing, and onboarding — the firm is able to continuously fine-tune its processes, making them more efficient and resident-focused. 

“We can look at entire cycles, whether it be expense or revenue or capital cycles, put the residents first, and think about where we can refine and optimize spend to drive our outcomes,” he said. 

Avenue Living’s integrated model also helps it navigate climate-related risks. With fluctuating temperatures, precipitation, and other weather challenges, many operators have found it increasingly difficult to keep up with residents’ demand for high standards of service. 

“This year, we implemented a ‘cold weather protocol’, which was a comprehensive plan we developed for all our groups, from our field teams and call centre all the way to our head office and leadership,” Graham said. 

According to Graham, the protocol takes effect when temperatures drop below -25 degrees Celsius for more than 24 hours. At that point, Avenue Living mounts a coordinated response to support stable operations, prioritizing maintenance related to heating, more frequent on-site inspections for open windows and other vulnerabilities, encouraging residents to help keep the buildings airtight, and other measures. 

“It’s difficult to quantify in dollars, but so far this winter we’ve saved a substantial amount of emergency capital. And we’re safeguarding our assets even better,” Graham said. 

Having an in-house operations model, he added, creates a cultural advantage. While third-party workers may not be so invested in the communities where they work, Graham says Avenue Living’s employee base displays genuine care for its residents. 

“Every day, we see examples of our engaged team members going above and beyond, while showing that what they do is far more than just a job,” he said. 

Keeping promises to communities 

As part of its commitment to safe living spaces, Avenue Living has a stringent preventative maintenance schedule, including regular inspections and installing safety features to minimize accidents.  

“We also have a commitment to complete work orders within three business days, and we’ve managed to keep our clearance on those jobs up in the 90 percent range,” Graham said. “We’re also maintaining our 24/7 availability for residents through our internal call centre and other means.” 

While many multi-family operators scaled back their pet-friendly policies as the rental market got more competitive, Graham said Avenue Living has maintained these policies, recognizing that residents view their pets as family members. 

Tailoring and training 

Despite its scale, Graham said Avenue Living still strives for a tailored approach to managing its portfolio of over 500 multi-family buildings. 

“We have individual asset plans for each one of our communities, where we work to marry the three key components of multi-family real estate,” he explained. 

Under that three-pronged strategic approach, the first priority is to consider the residents living in the communities and categorizing them in terms of demographics, unique needs, location, and other hallmarks. Next, there’s the build form of the asset, which includes a building’s age, amenities and facilities, structural features, and how those stack up relative to other properties in the area. 

“The third factor is the real financial piece. If we're a price leader in the neighbourhood, we want to have a tight operating model to compete on margins,” Graham said. “Typically, we have the best building on the block, so our focus is on strategic investments to maintain that position and push top-line growth.” 

Graham also highlighted Avenue Living’s annual capital plan, which focuses on spending financial resources more effectively over a long-term horizon, tailored around its individualized asset plans. 

To help deliver value and ensure satisfaction among residents, Graham said Avenue Living is working on a Centre of Excellence training facility to be launched at the end of Q1. Under this initiative, new property managers will have hands-on training to learn best practices before being deployed to their assigned branches. This will help ensure consistency and high service standards across locations. 

“Our people — especially those in the field — are who our valued residents engage with. Their perception of Avenue living is built through their interactions with our field teams,” Graham said. “It’s vital to have them trained as strong communicators, on top of being efficient and effective property managers.” 

Onward and upward 

For its other 2025 initiatives, Graham said Avenue Living is planning to optimize its systems further, with new industry-leading technology for leasing and engagement aimed at improving connections with residents.  

To deliver value to shareholders, Graham pointed to changes in operating models and new team additions, as well as its annual summer engagement schedule to help build connections with residents through barbeques and other events. 

“It’s about understanding where we’re doing well, what can we improve on, and how can we turn these buildings into real communities,” he said. “Getting that feedback from residents is really important, not only so we can optimize our performance, but also guide us in where we can put our energy to good use.” 

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Max Graham 
Chief Operating Officer, Avenue Living 

Max Graham brings over 15 years of real estate experience to his role as Chief Operating Officer of Avenue Living's residential division. He leads initiatives to enhance the resident experience, building performance, and sustainability. Mr. Graham is dedicated to improving satisfaction through responsive service and fostering positive living environments with open communication. His leadership spans stakeholder relations, capital deployment, risk mitigation, revenue maximization, and policy review, ensuring comprehensive oversight and growth. Mr. Graham holds a CPA, CA, and MBA from the University of Calgary.