A robust acquisition record, three successful debt capital raises, and its consecutive status as a top employer have made it a year to remember
This article was produced in partnership with Avenue Living Asset Management.
With its tried-and-true approach to asset management and proven commitment to investing in the everyday, Avenue Living Real Estate Core Trust (“Core Trust”), Mini Mall Storage Properties Trust (“MMSP”), and Tract Farmland Partners LP (“Tract”, and collectively with Core Trust and MMSP, the “Avenue Living Group”) experienced another successful year across their respective platforms of multi-family, self-storage, and agricultural assets.
Beyond strong year-over-year growth and major geographic expansion, Avenue Living is closing out 2025 with standout milestones and clear signals of investor confidence.
“For us, 2025 was a year of arrival, where we firmly established ourselves as a premier provider in the space,” according to Gabriel Millard, managing partner, equity capital markets at Avenue Living.
Hitting new growth milestones
The Avenue Living platform’s performance in the past year points to a disciplined strategy coming to fruition. With a focus on strengthening its institutional platform, Avenue Living continued its upward trajectory in 2025, growing aggregate assets under management from $7 billion at the end of 2024 to more than $9 billion today. Total net equity across the Avenue Living Group also surpassed $4 billion, up from just over $3 billion at the end of 2024. In a changing market where many firms struggled to secure financing and maintain growth, the Avenue Living Group’s forward movement reaffirmed the scale and sophistication of its playbook.
Its largest vehicle, the Core Trust, expanded from just under $5 billion to over $6 billion in total assets, driven by robust multi-family growth. “We started the year with about 18,100 multi-family units and are closing it out at nearly 22,800,” said Millard. This expansion isn’t just about rank for the firm; a higher unit count directly translates into stronger negotiating power, improved operations, and the ability to set higher standards for their resident experience.
In the U.S., the Core Trust, through its subsidiaries, now owns more than 6,000 workforce housing units, providing the scale needed to increase operational efficiencies to the same standard found across its Canadian portfolio. This growth included expansion into five new markets within Alabama, Nebraska, Iowa, and Ohio — further broadening its reach.
The Mini Mall Storage Properties Trust also delivered strong performance, increasing total assets from $2 billion to $3.1 billion and growing to approximately 12.9 million square feet of self-storage assets. With more than 94,000 storage units across North America, the platform now ranks among the top ten largest storage owner-operators on the continent. Achieving this status, and within such a short time span from the company’s inception in 2020, has allowed the platform to streamline technology implementations, elevate the service experience, and achieve high operational standards in a fragmented industry.
Building capital strength and credibility
The growth milestones achieved in 2025 would not have been possible without investor confidence. Market validation coupled with financial strength decisively secured the firm’s strong positioning, enhancing credibility, and setting the stage for continued leadership within the space.
This spring, Avenue Living (2014) LP, a subsidiary of Avenue Living Real Estate Core Trust, was assigned a BBB (low) investment grade issuer rating with a stable trend from Morningstar DBRS.
Following the assignment of its rating, Avenue Living (2014) LP raised $600 million in senior unsecured notes from institutional investors, including closing a $250 million inaugural offering in May and a $350 million offering in September. “The strong demand from Tier 1 institutions sets a new chapter for Avenue Living, positioning us as a premier operator in Canada and a recognized player in the U.S.,” said Millard.
Morningstar DBRS also assigned Mini Mall Storage Properties Trust a BBB (low) investment-grade issuer rating with a stable trend in November. Following assignment of the rating, MMSP closed the largest inaugural unsecured debenture offering ever completed by a real estate issuer in the Canadian bond market. This inaugural debenture offering by MMSP raised aggregate proceeds of $750 million. In total, Avenue Living (2014) LP and MMSP raised nearly $1.35 billion in unsecured debt across the Canadian bond market in 2025; one of Avenue Living’s strongest capital-raising years on record.
The current environment has created liquidity challenges for some players in the private markets, but Avenue Living’s prudent capital positioning has given it valuable room to return cash to investors. Within the Core Trust, Millard said the acquisition of approximately 4,700 units this year has created new cash flow, allowing an increase in its distribution rate across all unit classes.
The company also delivered a full capital return to investors in the Avenue Living Agricultural Land Trust, which was established in 2016 as its first-generation entrance into the farmland industry. The fund fully exited in April 2025.
“There have been many rollovers and continuations in Canada and the U.S., but we have observed few private market exits that actually return cash to unitholders,” Millard said. “We distributed cash to every unitholder of Avenue Living Agricultural Land Trust, delivering a true exit with strong returns within our target range.”
A portion of redeemed capital from Avenue Living Agricultural Land Trust was reinvested into Avenue Living’s second-generation fund, Tract Farmland Partners LP, following the acquisition of over 42,500 acres in 2025 and expansion of the portfolio to more than 50,000 acres across over 40 farms in Saskatchewan.
Driving value through people and purpose
At the core of Avenue Living’s success is the belief that its strength comes from a deep commitment to its employees and the diverse communities it serves. The dedication to culture, innovation, and impact forms a crucial strategic differentiator and powers the long-term vision behind the strategy.
In September, Avenue Living was named a top employer in the Canadian wealth management space for the second year in a row. Millard credited the recognition to the continued expansion of its career path development and training programs, as well as other initiatives.
Avenue Living has also kept up its commitment to breathe new life into Canadian communities. Beyond its ongoing energy retrofit program, it unveiled The SunRise in Downtown Edmonton, a 12-storey flagship project featuring more than 2,000 solar panels that form an 85-foot art installation. This initiative is not only a statement in sustainable design, but it is recognized by Guinness World Records as the largest solar panel artwork on the planet.
Even as economic headwinds limited capital spending across the real estate sector in 2025, Avenue Living pushed ahead with initiatives to enhance asset quality across its multi-family and self-storage portfolios, prioritizing the customer experience and maintaining best-in-class standards. The steady commitment to operational excellence as part of a disciplined, long-term play proved prescient, allowing the company to realize exceptional performance across the entire platform.
“None of this would be possible without the support of our investors and the capital markets,” Millard said. “As we enter our 20th year of operations, we’re excited to apply everything we’ve learned to drive further growth in 2026 and beyond.”
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, tax or legal advice and must not be relied upon by any reader in that regard. A credit rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. Past results may not be indicative of future results. This article contains opinions of Avenue Living Asset Management Ltd. (“ALAM”), the Avenue Living Group, Avenue Living (2014) LP, and Avenue Living Agricultural Land Trust (collectively, the “Avenue Living Group of Companies”), and none of the foregoing make any representations or warranties, expressed or implied, regarding the information contained herein. The Avenue Living Group of Companies undertake no obligations to update the information contained herein except as required pursuant to applicable securities laws. Readers should speak to their own advisors about any investment decisions and the risks associated therewith. All figures are expressed in Canadian dollars. This article was issued on behalf of and paid for by ALAM.
